Market Direction: BULLISH alert
issued 9/5/2019
What is the current stock market direction?
Vote BULLISH (Up) or BEARISH (Down) in the upper right side bar, the current stock market direction weekly closing numbers. Leave a comment. Now for the news…
The economy
The S&P 500 declined 0.1% on Friday, as losses in crowded areas like technology and real estate offset gains in value-oriented spaces like financials and energy. The Nasdaq Composite lost 0.2%. The Dow Jones Industrial Average (+0.1%) rose for the eighth straight day, and the Russell 2000 (+0.2%) finished the week up 4.9%.
The market entered today on a tear, closing in on record highs amid improved outlooks for trade and growth. Positive-sounding trade news today included China exempting U.S. soybeans and pork from additional tariffs and President Trump acknowledging that he would at least consider an interim trade deal. Mr. Trump, however, said he would prefer a whole deal.
Trade-sensitive groups like the S&P 500 materials (+1.1%) and industrials (+0.5%) sectors showed relative strength while the energy (+0.8%) and financials (+0.8%) sectors capped off an impressive week on a high note. Financial stocks benefited from another rise in yields, and curve-steepening, as Treasuries sold off following an uptick in retail sales and a rebound in consumer sentiment.
Specifically, retail sales increased 0.4% in August (Briefing.com consensus 0.3%). The preliminary reading for the University of Michigan's Index of Consumer Sentiment increased to 92.0 in September (Briefing.com consensus 90.2) from 89.8 in August.
The 2-yr yield increased seven basis points to 1.79%, and the 10-yr yield increased 11 basis points to 1.90%. The U.S. Dollar Index declined 0.1% to 98.20. WTI crude lost 0.5%, or $0.25, to $54.88/bbl.
The news was good, but there wasn't a lot of conviction today after a strong start to September. Weakness in the crowded S&P 500 information technology (-0.7%) and real estate (-1.3%) sectors capped broader gains. Apple (AAPL 218.75, -4.34, -1.9%) and Broadcom (AVGO 290.32, -10.26, -3.4%) were notable laggards.
Apple's price target was cut to $165 from $187 at Goldman Sachs on concerns that its streaming service will adversely affect its income statement. Apple responded, saying the introduction of Apple TV+ will not have a material impact on its financial results, which helped temper selling pressure in the afternoon.
Broadcom said it believes chip demand will remain near bottom levels due to uncertainty in the macro environment. The sobering view overshadowed its earnings beat and helped press pause on the rally in the Philadelphia Semiconductor Index (-0.3%), which is up 39.0% this year.
$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, write us. Share with a friend.
The market direction weekly closing numbers for the indexes this week compared to the initial BULLISH recommendation closing numbers:
Stock Market Closing Numbers
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compared to Recommendation Numbers
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9/5/2019
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9/13/2019
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Difference
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26,728.20
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27,219.52
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491.32
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8,116.83
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8,176.71
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59.88
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2,976.00
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3,007.39
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31.39
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