Market Direction: BULLISH alert
issued 2/15/2018
$tockMarketDirection proprietary model is currently BULLISH. We strongly encourage you to monitor positions closely, exercise proper money management strategies and follow us at $tockMarketDirection for ALERTS we may issue advising a change in the current market direction. Stay tuned and follow us. If you have a testimonial or comment of how this website has helped you we would like to know, email us. Share with a friend.
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The
Dow on Wednesday booked a fifth gain in a row and the broader stock market
rallied as sharp gains in energy, financials and technology stocks propelled
the main benchmarks firmly higher.
Energy-related
stocks scored a lift after President Donald Trump’s decision a day earlier to
pull the U.S. out of the Iran nuclear deal and resume sanctions against the
oil-producing nation prompted investors to bet on higher prices ahead for the
commodity.
What are markets doing?
The
S&P 500 SPX, +0.97% gained 25.87 points to 2,697.79, a
gain of 1%, with nine of the 11 main sectors finishing higher.
Energy
shares jumped 2%, by far the best performer among the S&P 500 sectors. But
gains were broad based, with financials, material, industrials and technology sectors
each gained more than 1%. Meanwhile, telecoms and utilities were the only
laggards, down 1.1% and 0.8%, respectively.
The
Nasdaq Composite Index COMP, +1.00% added 73.00 points, or 1%, to
7,349.91.
The
Dow Jones Industrial Average DJIA, +0.75% rose 182.33 points, or 0.8%, to
24,542.54, with 23 of the 30 blue-chip companies finishing in positive
territory. Walmart Inc. WMT, +0.36% led losses, while DowDuPont Inc.
DWDP, +2.80% led Dow component gainers.
What is driving the market?
A rally in oil prices helped lift U.S.-listed
energy companies. West Texas Intermediate oil CLM8, +0.46% jumped 3%, to settle at $71.14 a
barrel. Trump said the U.S. intends to impose sanctions on Iran, curbing the
country’s oil exports and tightening global oil supply.
Also
affecting oil markets were data from the Energy Information Administration,
which showed that crude-oil stockpiles fell more than expected in the latest week.
Among
Federal Reserve speakers, Atlanta Fed President Raphael Bostic, on Wednesday,
said he believed that stimulus to investment spending from the recent
Republican tax cut package may be being dampened by uncertainty over changes in U.S.
trade policy, speaking at the World Affairs Council in Jacksonville, Fla.
Bostic is a voting member of the Fed’s rate-setting Federal Open Market
Committee.
What are strategists saying?
“A
lot of people had reduced their exposure to stocks ahead of Trump’s announcement
on Iran on Tuesday and when the markets did not sell off, traders went back in.
What we are seeing today looks like a relief rally that took the S&P 500 to
the high end of its recent range,” said Ian Winer, head of the equities
division at Wedbush Securities.
“At
least for now, investors are not anticipating a big fallout from the Iran
sanctions. That may change however,” Winer said.
“It’s
difficult to discern how much of Trump’s decision was priced into stocks, and
how big of a risk it represents, though it is certainly helping to sustain and
extend the crude-oil rally today,” said Ryan Crane, who oversees $5 billion in
assets as chief investment officer at Stephens Investment Management Group.
What’s on the economic calendar?
The
producer-price index rose 0.1% in April, below
forecasts. The core PPI was also up 0.1%.
Separately,
U.S. wholesale inventories rose 0.3% in March.
What are other markets doing?
Asian markets closed mixed, while European stock SXXP, +0.63% finished at a more-than-three-month
high, aided by gains in energy stocks. Gold prices GCM8, -0.05% shed 70 cents, or less than 0.1%, to
settle at $1,313 an ounce.
The
yield on 10-year U.S. notes TMUBMUSD10Y, +0.09% rose back above 3%. The dollar index DXY, +0.02% edged lower, off 0.1% at 93.04.
$tockMarketDirection proprietary model is currently BULLISH. We strongly encourage you to monitor positions closely, exercise proper money management strategies and follow us at $tockMarketDirection for ALERTS we may issue advising a change in the current market direction. Stay tuned and follow us. If you have a testimonial or comment of how this website has helped you we would like to know, email us. Share with a friend.
The all-time highs since our initial
recommendation to go LONG
this market. Here is how the markets have performed:
Stock Market
Direction Recommendation (2/15/2018)
|
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Dow
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up 599.98 points a 2.38% gain
|
2/27/18
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Nasdaq
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up 181.66 points a 2.50% gain
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3/13/18
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S&P 500
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up 70.70 points a 2.59% gain
|
3/13/18
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Related Link: http://www.stockmarket-direction.com/
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