Dow +34.43 at 17712.66, Nasdaq +27.86 at 4891.22, S&P +4.87 at 2061.02
Market did go up on Friday but as I can see from the intraday the session was relatively flat. I think the market has seemed to find a bottom for the correction and maybe we might be going to see more pullback next week...Market looks relatively flat ahead of GDP number on Friday. That is going to make the market go around. With the uncertainty in oil prices, that will add on the volatility in the market.
At this point in time I am not holding any positions open (closed on yesterday) and I am looking closely at the market to see the situation before I make my trade again. I reckon the market is likely to go looking at technical but if it doesn't the sliding is going to continue. On the other hand, the GDP number is likely to disrupt the technical analysis too...
Direction for Friday 27 Mar, 2015; Up
Market Summary
Industry Watch
Strong: Consumer Discretionary, Consumer Staples, Health Care, Utilities
Weak: Energy, Financials, Industrials
Other Market Moving Factor:
- S&P 500 enters -2.5% week-to-date
- Biotechnology outperforms
[BRIEFING.COM] The major averages registered their first advance of the week on Friday with the Nasdaq Composite (+0.6%) ending ahead of the S&P 500 (+0.2%). Despite today's modest uptick, the two indices ended with respective losses of 2.7% and 2.2% for the week.
Overall, the final session of the week was fairly quiet with equity indices bouncing around narrow ranges. The S&P 500 spent the day in a ten-point channel with the bulk of the action occurring near its 100-day moving average (2,058). The benchmark index settled below that level on Thursday, but managed to reclaim that mark today.
Six of ten sectors registered gains with most countercyclical groups showing relative strength. The telecom services sector was an exception, ending flat, while consumer staples (+0.6%), utilities (+0.5%), and health care (+0.7%) posted gains.
Most notably, the third largest sector by weight—health care—was underpinned by biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 347.46, +6.65) surged 2.0%, but still ended the week lower by 5.2%. Today, however, the industry group did some heavy lifting and contributed to the outperformance of the Nasdaq even as large cap technology names struggled.
The technology sector (+0.2%) started in-line with the market, but slumped from its opening high in a move that coincided with Apple (AAPL 123.25, -0.99) turning negative. The stock settled lower by 0.8%, but managed to hold its 50-day moving average (122.67). Meanwhile, high-beta chipmakers traded in mixed fashion until the final hour when it was reported that Intel (INTC 32.00, +1.92) is in talks to acquireAltera (ALTR 44.41, +9.83). The two names soared 6.4% and 28.5%, respectively and the news set a fire under the entire chipmaker space with the PHLX Semiconductor Index surging 2.8%. It is worth noting that the late surge lifted the entire sector into positive territory.
Elsewhere among cyclical sectors, energy (-0.7%) and financials (-0.1%) lagged while consumer discretionary (+0.5%) and industrials (+0.4%) outperformed.
The energy sector ended the day at the bottom of the barrel, but still finished the week ahead of the remaining cyclical sectors (-0.7%). Crude oil factored into today's weakness as the energy component fell 5.0% to $48.87/bbl and continued its retreat during electronic trading. Despite the plunge, WTI crude gained 4.9% for the week.
Also of note, the financial sector (-0.1%) finished with a slim loss today, but ended the week behind the remaining nine sectors with a 3.0% loss.
On the flip side, the consumer discretionary sector (+0.5%) ended ahead of other cyclical groups with help from homebuilders and retailers. The iShares Dow Jones US Home Construction ETF (ITB 27.79, +0.46) gained 1.7% while SPDR S&P Retail ETF (XRT 100.24, +0.82) advanced 0.8%.
Treasuries spent the day in a steady climb from their overnight lows with the 10-yr yield slipping four basis points to 1.96%.
Today's participation was below average with roughly 725 million shares changing hands at the NYSE floor.
Economic data was limited to Q4 GDP and Michigan Sentiment:
- GDP growth in Q4 2014 was unrevised in the third estimate and remained at 2.2% after increasing 5.0% in Q3. The Briefing.com consensus expected a revision to 2.4%
- Real final sales saw a slight upward revision to 2.3% from 2.1%, but nothing in the data altered the notion that economic growth trends slowed down significantly in the fourth quarter
- The University of Michigan Consumer Sentiment Index was revised up to 93.0 in the March final reading from a preliminary reading of 91.2 while the Briefing.com consensus expected a revision up to 92.0
- Nasdaq Composite +3.3% YTD
- Russell 2000 +2.9% YTD
- S&P 500 +0.1% YTD
- Dow Jones Industrial Average -0.6% YTD
The stock market began the trading week on a sleepy note. The Dow Jones Industrial Average (-0.1%) and S&P 500 (-0.2%) surrendered their slim gains during the final hour while the Nasdaq Composite settled lower by 0.3% after lagging throughout the session. Equity indices spent the entire Monday session near their flat lines while the Dollar Index (96.86, -1.05) extended its retreat that began during the previous week. The index fell 1.1% with the greenback giving up 1.4% to the euro (1.0966). The single currency rallied in the morning and saw little afternoon reaction to a joint press conference held by German Chancellor Angela Merkel and Greek Prime Minister Alexis Tsipras. The two leaders did not provide any specifics about their earlier meeting, suggesting the two sides remain at odds with regard to finding a sustainable solution for Greece.
Equity indices registered their second consecutive decline on Tuesday with the S&P 500 retreating 0.6%. The benchmark index ended in-line with the Dow Jones Industrial Average while the Nasdaq Composite (-0.3%) outperformed slightly. Equities traded near their flat lines through the first half of the session before sliding to lows during afternoon action. All ten sectors finished the day in negative territory with technology (-0.3%) registering the slimmest loss. Also of note, the Dollar Index (97.15, +0.12) was on track for its third consecutive decline, but an early morning rebound following an in-line CPI report (+0.2%) helped the Index finish with a slim gain. Meanwhile, crude oil endured some intraday volatility before settling higher by 0.1% at $47.51/bbl. Strikingly, crude's flat finish could not stop the energy sector (-0.8%) from ending the day among the laggards. Notably, Whiting Petroleum (WLL) sank 19.5% after pricing a secondary share and note offering.
The market registered its third consecutive decline on Wednesday with the S&P 500 ending lower by 1.5%. The benchmark index settled below its 50-day moving average (2,067) while the Nasdaq Composite (-2.0%) underperformed throughout the day. The S&P 500 hovered near its flat line during the opening hour, but high-beta groups like biotechnology, chipmakers, and transport stocks began showing weakness early on and continued their retreat throughout the day. As a result, eight sectors settled in the red with five ending behind the benchmark index. Most notably, the technology sector surrendered 2.7% with chipmakers enduring even more aggressive selling. All 30 components of the PHLX Semiconductor Index (-4.6%) finished in the red with ARM Holdings (ARMH) and Lam Research (LRCX) leading the slide with respective losses of 6.2% and 7.6% while heavyweight Intel (INTC) tumbled 2.9%.
On Thursday, equities posted modest losses after climbing off their opening lows. The S&P 500 shed 0.2% and settled below its 100-day moving average (2,057) while the Nasdaq Composite (-0.3%) underperformed. Equity indices could not avoid registering their fourth consecutive decline, but they were able to avoid settling on their lows. The market began the day under pressure after overnight reports revealed that coalition forces from ten countries, led by Saudi Arabia, carried out air strikes against rebel forces in Yemen. This followed Wednesday's reports indicating Yemen's President Hadi fled his country by sea. The news gave a boost to the dollar, but the yen also rallied against its peers, which signaled caution among participants in the foreign exchange market. The Dollar Index (97.36, +0.38) gained 0.4% as the greenback spiked 0.8% against the euro, sending the single currency from a morning high near 1.1050 to 1.0880. For its part, the dollar/yen pair slipped 0.3% to 119.20 after testing the 118.50 level in the morning. In addition, the latest developments in the Middle East led to concerns about potential disruptions to the energy market. As a result, crude oil surged 4.6% to $51.43/bbl. However, the energy sector (-0.2%) could not make it out of the red.
DOW
NASDAQ
S&P
Global Market
ASIA
Asian Markets Close: Japan’s Nikkei -1.0%; Hong Kong’s Hang Seng flat; China’s Shanghai Composite +0.2%
Markets in the Asia-Pacific region were mixed again on Friday with Japan’s Nikkei (-1.0%) a notable standout to the downside following a large batch of economic data that included weaker than expected retail sales and inflation data. China’s Shanghai Composite (+0.2%) registered a modest gain but increased 2.0% for the week.
Economic data
- Japan
- February Household Spending +0.8% month-over-month (expected +0.5%; prior -0.3%; -2.9% year-over-year (expected -3.2%; prior -5.1%)
- February Retail Sales -1.8% year-over-year (expected -1.5%; prior -2.0%)
- February Unemployment Rate 3.5% (expected 3.5%; prior 3.6%)
- February Jobs/Applications Ratio 1.15 (expected 1.15; prior 1.14)
- February National CPI +2.2% year-over-year (prior +2.4%); National Core CPI +2.0% year-over-year (expected +2.1%; prior +2.2%)
- March Tokyo CPI +2.3% year-over-year (prior +2.3%); Tokyo Core CPI +2.2% year-over-year (expected +2.2%; prior +2.2%)
Equity Markets
- Japan’s Nikkei declined 1.0% following a large batch if economic data that included weaker than expected retail sales and inflation data. Losses were registered in all sectors with the basic materials (-1.6%), industrial (-1.4%), and technology (-1.2%) sectors pacing the declines. Advantest Corp (-5.1%), Marubeni Corp (-5.0%), and Nippon Yusen KK (-4.9%) topped the list of decliners while Mitsui Mining & Smelting Co (+3.3%), Panasonic Corp (+3.2%), and Unitika Ltd (+1.9%) led the winners. Out of the 225 index members, 32 ended higher, 191 finished lower, and 2 were unchanged. The Nikkei declined 1.4% for the week.
- Hong Kong’s Hang Seng ended Friday flat with gains in the financial (+0.6%) and diversified (+0.3%) sectors helping to offset losses in the consumer non-cyclical (-1.0%) sector. China Resources Land Ltd (+5.0%), China Overseas Land & Investment Ltd (+3.5%), and Sino Land Co (+1.5%) were the best-performing stocks while Lenovo Group (-1.8%), Hengan Intl (-1.7%), and China Mobile (-1.3%) were the worst-performing issues. Out of the 50 index members, 29 ended higher, 18 finished lower, and 3 were unchanged. The Hang Seng increased 0.5% for the week.
- China’s Shanghai Composite increased 0.2% despite a report showing industrial profits declined 4.2% in the first two months of the year versus last year. Reuters reports that was the largest drop for the period since early 2012. Real estate issues were among the leaders on Friday. For the week, the Shanghai Composite gained 2.0%.
- India’s Sensex ended Friday unchanged with strength in the industrial (+2.2%) and technology (+0.7%) sectors offset by weakness in the energy (-1.3%) and consumer non-cyclical (-1.2%) sectors. Top gainers included Hindalco Industries (+3.4%), State Bank of India (+2.9%), Larsen & Toubro (+2.9%) and Infosys (+2.6%). Bharti Airtel (-4.9%), Reliance Industries (-2.3%), ITC Ltd (-1.6%), and Tata Power Co (-1.5%) paced the decliners. For the week, the Sensex declined 2.8%.
- Australia’s S&P/ASX 200 increased 0.7%, finishing near its highs for the day. The utilities (+2.7%), consumer staples (+1.7%), and consumer discretionary (+1.5%) sectors led the way. For the week, the S&P/ASX 200 declined 0.9%.
- Regional advancers: Singapore +0.5%, Indonesia +0.5%, Philippines +0.1%
- Regional decliners: Taiwan -1.2%, South Korea -0.1%, Malaysia -0.3%, Thailand -0.1%, Vietnam -0.9%
FX
- USD/CNY +0.06% at 6.2152
- USD/INR -0.6% at 62.535
- USD/JPY +0.2% at 119.37
EUROPE
Major European indices are mixed with France’s CAC (+0.3%) trading ahead of its peers. Elsewhere, German Finance Ministry spokeswoman Marianne Kothe said her office has yet to receive an updated list of reforms from Greek officials and that all proposed reforms will need to be ‘quantifiable.’
- Germany’s February Import Price Index +1.4% month-over-month (expected 0.7%; last -0.8%); -3.0% year-over-year (expected -3.5%; prior -4.4%)
- UK’s March Nationwide HPI +0.1% month-over-month (last -0.1%); +5.1% year-over-year (previous 5.7%)
- French Consumer Confidence rose to 93 from 92, as expected
- Italy’s January Retail Sales +0.1% month-over-month, as expected. Industrial Sales -1.6% month-over-month (previous 1.4%) and Industrial New Orders -3.6% month-over-month (prior 4.5%)
CLOSING PRICES
- UK’s FTSE: -0.6%
- Germany’s DAX: + 0.2%
- France’s CAC: + 0.6%
- Spain’s IBEX: -0.2%
- Portugal’s PSI: + 1.1%
- Italy’s MIB Index: + 0.4%
- Irish Ovrl Index: + 0.0%
- Greece ASE General Index: + 0.5%
Macroeconomic Data
Economic Data
from Briefing.com
- GDP - Third Estimate : 2.2% vs 2.4% (Prior 2.2%)
- GDP Deflator - Third Estimate : 0.1% vs 0.1% (Prior 0.1%)
- Michigan Sentiment - Final : 93.0 vs 92.0 (Prior 91.2)
GDP-ADV
Highlights
- GDP growth in Q4 2014 was unrevised in the third estimate and remained at 2.2%. GDP increased 5.0% in Q3 2014. The Briefing.com Consensus expected fourth quarter GDP would be revised to 2.4%.
- Real final sales saw a slight upward revision to 2.3% from 2.1%, but nothing in the data altered the notion that economic growth trends slowed down significantly in the fourth quarter.
Key Factors
- As expected from the Quarterly Services Survey, consumption growth was revised up to 4.4% in the third estimate from 4.2% in the second estimate. Goods consumption increased 4.8%, up from a 4.5% gain in the second estimate, and services consumption increased 4.3%, up from a previously reported 3.8% increase.
- Total fixed investment and government spending were unrevised in the latest GDP reading.
- The trade deficit was revised down modestly to $471.4 bln in the third estimate from $476.4 bln.
Big Picture
- Economic growth in the fourth quarter came primarily from consumption.
MICHIGAN SENTIMENT
Highlights
- The University of Michigan Consumer Sentiment Index was revised up to 93.0 in the March final reading from a preliminary reading of 91.2. The index is down from 95.4 in February. The Briefing.com Consensus expected the Consumer Sentiment Index to be revised up to 92.0.
Key Factors
- Improving job conditions -- lower initial claims levels -- offset higher gasoline prices and a volatile equity market.
- Even though sentiment is down on a month-to-month basis, a reading above 90 is still a strong result.
- Trends in sentiment, however, don't have much of an impact on consumption growth. Consumption trends rely on income growth and not sentiment. As long as income trends higher, consumption gains should closely follow.
Big Picture
- Consumer sentiment has little influence on consumption. As long as payroll levels continue to expand, the resulting income growth should keep consumption gains steady regardless of the monthly ebbs and flows in sentiment.
Market Internals
NYSE:
Lower Volumes than the day before – 586.4M vs 828.5M
Advancers outpaced Decliners (adv/dec): 1840 / 1198
New Highs outpaced New Lows (highs/lows): 50 / 29
NASDAQ:
Lower Volumes than the day before – 1498.8M vs 1996.4M
Advancers outpaced Decliners (adv/dec): 1605 / 1158
New Lows outpaced New Highs (highs/lows): 37 / 43
VOLATILITY S&P500 (VIX)
15.07 -0.73 (-4.62%)
It looks like internals are showing some optimism in bullishness. Volume is utterly lower on Friday so I won't say that the internals are entirely bullish but it is pointing more towards it. Also New Highs is slowly finding the way up. VIX took a sharp drop on Friday and closed at around 15.00. Put it all together I would say the market still possess the confidence to pull back.
Technical Updates
17,712.66 +34.43 (+0.19%)
Volume: 103,221,502 (above average of 97,786,331)
Range: 17,630.49 - 17,729.14
4,891.22 +27.86 (+0.57%)
Volume: 429,394,906 (below average of 450,754,477)
Range: 4,859.66 - 4,899.26
Range: 4,859.66 - 4,899.26
S&P 500 INDEX (SPX: CBOE)
2,061.02 +4.87 (+0.24%)
Volume: 537,750,000 (below average of 543,174,846)
Range: 2,052.96 - 2,062.83
DOW and NASDAQ is forming sort of a double bottom while S&P is at its PHib-Fan trend support and they are likely to pullback at the support. MACD momentum seems to slow down as well and these all indicating some sign of rebound next week. Anyway confirmation is needed and perhaps we will see how the market performs on Monday.
Commodities
Closing Commodities: Oil Prices Drop Over 6% Following 2-Day Rally On Yemen
- Oil is the big mover today, falling $2.56 to $48.87/barrel in pit trading today
- In electronic trade, oil has extended losses and fell as low as $48.26/barrel and is now -6.1% at $48.32/barrel
- Nat gas has been in the red all day today, ultimately losing $0.05 to $2.64/MMBtu
- Metals declined today as well
- Apr gold lost $5.00 to $1199.90/oz, while May silver fell $0.06 to $17.08.
- May copper ended $0.04 lower at $2.77/lb.
Energy Price Action
- May crude oil futures fell $2.56/barrel to $48.87/barrel
- May natural gas closed $0.05 lower at $2.64/MMBtu
- RBOB Gasoline closed $0.08 lower at $1.80/gallon
- Heating oil closed $0.06 lower at $1.72/gallon
Highlights
- Crude Oil: The Baker Hughes rig count showed a weekly decline of 21 rigs to 1048 total (12 oil and 9 natural gas rigs).
Agricultural Price Action
- May corn closed flat at $3.91/bushel
- May wheat closed $0.08 higher at $5.07/bushel
- May soybeans closed $0.06 lower at $9.68/bushel
- Ethanol closed flat at $1.49/gallon
- Sugar #11 closed 0.21 cents lower at 12.13 cents/lb
Metals Price Action
- Apr gold ended today’s session $5.00 lower at $1199.90/oz
- May silver closed $0.06 lower at $17.08/oz
- May copper closed $0.04 lower at $2.77/lb
Currencies
- The British pound rallied today on hawkish remarks from BoE Governor Carney and Monetary Policy Committee member Broadbent
- They both dispelled notions of a rate cute, with Carney saying that the next move would most likely be up
- Broadbent said that "the likelihood of a broad and protracted deflation, afflicting wages as aw prices, is pretty low."
- GBP/USD rallied 23 pips (0.16%) on the day to $1.4876
- EUR/USD rallied throughout the morning, but was spurred higher just before noon ET by the announcement that Cyprus' outlook was upped to positive from stable, at B+, and that Greece's banks are considered solvent by the ECB. It is now trading up 15 pips (0.14%) to $1.0896
- The commodity currencies were mixed, despite a 5.19% fall in WTI Crude to $48.76/bbl
- USD/CAD: +115 pips (+0.92%) to 125.96
- AUD/USD: -79 pips (-1.01%) to $0.7754
- NZD/USD: -19 pips (-0.25%) to $0.7573
- USD/JPY fell 8 pips (-0.07%) to 119.11
Bonds
Treasuries Make Back Some Losses:
- Without any obvious catalysts, Treasury notes and bonds ground higher throughout the day to recover some of their losses from yesterday's shelling. Only the 2-year note, however, made back all of the losses
- Yield check:
- 2-yr: -3 bps to 0.57%
- 5-yr: -3 bps to 1.42%
- 10-yr: -4 bps to 1.95%
- 30-yr: -6 bps to 2.53%
- News:
- The 3rd revision to 2014 Q4 GDP missed estimates at 2.2%, versus a Briefing.com consensus of 2.4%, and a second estimate of 2.2%. Q3 GDP in 2014 was 5.0%
- The 3rd revision to the 2014 Q4 GDP deflator as 0.1%, in line with consensus estimates and the prior revision
- Real final sales saw a slight upward revision to 2.3% from 2.1%, but nothing changed the fact that growth slowed significantly in Q4
- Markets shrugged off the announcement
- The Michigan Consumer Sentiment Index for March exceeded the Briefing.com consensus estimate of 92.0, coming in at 93.0. The read in February was 91.2Gree
- Greece submitted a new proposal to the Brussels Group, which will examine it over the weekend. The plan calls for 3 billion euro in additional government revenue and a primary budget surplus of 1.5%
- Cyprus' credit outlook was raised to positive from stable at S&P, and they reaffirmed its B+ rating
- Commodities:
- WTI Crude fell $3.04 (-5.91%) to $48.39/bbl. The geopolitical risk premium from unrest in Yemen came out today
- Copper fell 5 cents (-1.69%) to $2.76/lb.
- Gold fell $5.30 (-0.44%) to $1199.50/troy oz.
- Currencies:
- EUR/USD: +24 pips (+0.22%) to $1.0905
- USD/JPY: -11 pips (-0.9%) 119.08
- Week Ahead
- Monday: February Personal Income and Personal Spending (08:30 ET); February PCE Prices -- Core (08:30 ET); February Pending Home Sales (10:00 ET); Fed Vice Chair Stanley Fischer (FOMC voter) speaks at dinner before the 2015 Financial Markets Conference (19:15 ET)
- Tuesday: Richmond Fed President Lacker (FOMC voter) speaks on the "Economic Outlook, March 2015" (08:00 ET); January Case-Shiller 20-City Index (09:00 ET); March Chicago PMI (09:45 ET); March Consumer Confidence (10:00 ET); Cleveland Fed President Mester (non-FOMC voter) moderates panel before the 2015 Financial Markets Conference (10:15 ET); Kansas City Fed President George (non-FOMC voter) speaks on the U.S. economy (15:00 ET)
- Wednesday: MBA Mortgage Index for week ending 3/28 (07:00 ET); February ADP Employment Report (08:15 ET); San Francisco Fed President Williams (FOMC voter) moderates panel before the 2015 Financial Markets Conference (08:30 ET); March ISM Index (10:00 ET); February Construction Spending (10:00 ET); Crude Inventories for the week ending 3/28 (10:30 ET); March Auto and Truck Sales (17:00 ET); Atlanta Fed President Lockhart (FOMC voter) chairs panel before the 2015 Financial Markets Conference (time TBA)
- Thursday: March Challenger Job Cuts (07:30 ET); Fed Chair Yellen (FOMC voter) gives opening remarks before conference on economic mobility (08:30 ET); Initial and Continuing Jobless Claims (08:30 ET); February Trade Balance (08:30 ET); February Factory Orders (10:00 ET); Natural Gas Inventories for the week ending 3/28 (10:30 ET); Minneapolis Fed President Kocherlakota (non-FOMC voter) and St. Louis Fed President Bullard (non-FOMC voter) participate in conference on economic mobility (time TBA)
- Friday: March Employment Report (08:30 ET); Minneapolis Fed President Kocherlakota (non-FOMC voter) gives welcome remarks before economic mobility conference (08:30 ET); St. Louis Fed President Bullard (non-FOMC voter) gives remarks and introduces keynote speaker at conference on economic mobility (event begins at 12:30 ET)
- 2 Year Note 0.58% -0.03
- 5 Year Note 1.42% -0.05
- 10 Year Note 1.95% -0.06
- 30 Year Bond 2.53% -0.07
2/30 Spread: 195 bps ( -4 ) … 2/10 Spread: 137 bps ( -3 )
Preview for the week Monday 30 Mar to Friday 3 Apr, 2015
Monday (30 Mar) :
- Personal Income : 0.3% (Prior 0.3%)
- Personal Spending : 0.2% (Prior -0.2%)
- PCE Prices - Core : 0.1% (Prior 0.1%)
- Pending Home Sales : 0.4% (Prior 1.7%)
- Case-Shiller 20-city Index : 4.5% (Prior 4.5%)
- Chicago PMI : 52.0 (Prior 45.8)
- Consumer Confidence : 96.2 (Prior 96.4)
- MBA Mortgage Index : (Prior 9.5%)
- ADP Employment Report : 228K (Prior 212K)
- ISM Index : 52.5 (Prior 52.9)
- Construction Spending : -0.2% (Prior -1.1%)
- Crude Inventories : (Prior 8.170M)
- Auto Sales : (Prior 5.2M)
- Truck Sales : (Prior 7.9M)
- Challenger Job Cuts : (Prior 20.9%)
- Initial Claims : 285K (Prior 282K)
- Continuing Claims : 2423K (Prior 2416K)
- Trade Balance : -$42.0B (Prior-$41.8B)
- Factory Orders : -0.5% (Prior -0.2%)
- Natural Gas Inventories : (Prior 12 bcf)
- Nonfarm Payroll : 248K (Prior 295K)
- Nonfarm Private Payrolls : 240K (Prior 288K)
- Unemployment Rate : 5.5%( Prior 5.5%)
- Hourly Earnings : 0.2% (Prior 0.1%)
- Average Workweek : 34.6 (Prior 34.6)
Earnings Highlights
Monday (30 Mar) :
BMO - AIR CALM NCFT
BMO - AIR CALM NCFT
AMC - EVRY MDLY PWRD TCPI
Tuesday (31 Mar) :
BMO - CONN DANG HNR MOV OCN SAIC VTNR VTAE
AMC - DCO FRPT INGN LNDC PRGN RGSE SNX WG
Wednesday (1 Apr) :
BMO - AYI IKGH MON UNF
AMC - CUB FC PRGS SIGM SPWH
Thursday (2 Apr) :
BMO - AZZ CVGW KMX GBX OMN PERY SEAC
AMC - HGR MU
Friday (3 Apr) :
BMO - None Scheduled
AMC - None Scheduled
Summary
Next week is rather crucial as it will determine if the market is likely to rebound from its support or continue to slide lower. Yield curve continues to lower and flatten and this is still not a healthy sign for the US economy.
There are many significant economic data releasing next week. It is going to be another volatile week ahead. Since it is a Good Friday week (meaning a long weekend), I suppose we should see the market to preferably go up instead.
There are many significant economic data releasing next week. It is going to be another volatile week ahead. Since it is a Good Friday week (meaning a long weekend), I suppose we should see the market to preferably go up instead.
Direction for Monday 30 Mar, 2015; Up
Direction for the week Monday 30 Mar to Friday 3 Apr, 2015; Up
Direction for the week Monday 30 Mar to Friday 3 Apr, 2015; Up
2015 Daily Directional Accuracy: 22/44 (50.00%)
2015 Weekly Directional Accuracy: 6/10 (60.00%)
2015 Weekly Directional Accuracy: 6/10 (60.00%)
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