Market Direction: BULLISH alert issued 1/10/2019
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Market Direction Week Review: Stocks
rose globally, with the S&P 500 finishing higher for seven straight
sessions. International stocks, particularly those in emerging markets,
outperformed, while cyclical sectors outpaced the defensive ones. The main
catalyst for the global rally was positive readings from China, the world's
second-largest economy. The China March Purchasing Managers' Index (PMI) showed
a return to expansion after more than six months of mild contraction, signaling
that the tax cuts and other policies are producing modestly faster growth. In
the U.S., the jobs report showed that hiring rebounded strongly in March
following a soft reading in February, easing fears of a dramatic slowdown in
the labor market.
The
Nonfarm Payrolls report which showed that 196K jobs were created in March, well
above the 175K analysts had expected follows Thursday’s 202K Initial Jobless
Claims figure, which represents a roughly 50-year low. On the U.S.-China trade
front, President Trump described discussions with Chinese Vice Premier Liu He
as a “big success”, but also noted that he didn’t want to predict whether a
deal would ultimately be reached or not.
How
the market finished last week, the S&P 500 up 2.1%, the Nasdaq up 2.7%, and
the Dow up 1.9%.
Market Direction This Week: Next week
is going to be relatively lighter on the economic front, with no U.S. reports
scheduled to be released on either Monday or Tuesday. Although inflation has
remained relatively subdued, Wednesday’s CPI and Thursday’s PPI will likely get
some attention along with the MBA Mortgage Applications Index, given the recent
drop in mortgage rates.
Money
continues to flow into equities, mainly supported by trade optimism,
low-yields, and an accommodative Fed, but we might be getting a little
stretched here in the near-term. I think we could still see a modest push
higher early next week but get the sense that some healthy consolidation is on
the horizon.
Economic
Calendar: Consumer Price Index (CPI) (4/10),
Producer Price Index (4/11), University of Michigan Consumer Sentiment
(4/12)
Some of the major earnings announcements on deck: LEVI, BBBY, DAL, FAST, JPM.
$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. Building a community of investors one trade at a time. Share with a friend. Cha-ching!
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