Dow +20.32 at 18272.56, Nasdaq -2.50 at 5048.29, S&P +1.63 at 2122.73
It was a flat-ish session. Market is looking to go nowhere as it is at a top. I think there were some profit taking at the first half of the session and then the market begun to pick up some momentum on buying. The Dollar Index plunged as the consumer sentiment turned out to be disappointing, thereby getting the crude oil to be more bullish.Market is at the verge of a near breakout or a correction. I think we might still see some push to a new high but I guess there would be profit taking following after market reaches a high. Nonetheless I am getting harder to call the market.
Direction for Friday 15 May, 2015; Up
Market Summary
Industry Watch
Strong: Energy, Health Care, Consumer Discretionary, Utilities
Weak: Financials, Technology, Industrials
Other Market Moving Factor:
- S&P 500 +0.2% week-to-date entering Friday
- Treasuries set new highs after Michigan Sentiment Index disappoints (88.6; Briefing.com consensus 96.0)
Overall, the final session of the week was very quiet with the benchmark index trading inside a seven-point range. Stocks dipped in the early going after four disappointing economic reports weighed on sentiment, but that pessimism was essentially offset by increased expectations that the Federal Reserve will refrain from raising rates in the near term due to the recent string of uninspiring data. To that point, Treasuries rallied throughout the day, sending the 10-yr yield lower by ten basis points to 2.14% while strength in the long bond dropped its yield 12 basis points to 2.93%. Thanks to today's surge, the benchmark 10-yr note reclaimed the remainder of its loss from the early portion of the week.
Seven sectors registered gains with rate-sensitive utilities (+1.3%) holding the lead throughout the session. Meanwhile, influential groups like health care (+0.2%), consumer discretionary (+0.8%), and energy (+0.4%) also ended in the green, but their strength was offset by weakness in top-weighted technology (-0.3%) and financials (-0.4%) as well as the fifth largest group by weight—industrials (-0.1%).
The financial sector ended at the bottom of the leaderboard with regional banks leading the retreat that was fueled by the flattening at the long end of the yield curve.
For its part, technology underperformed after leading the market's rebound from Wednesday's low. Large cap components like Apple (AAPL 128.75, -0.20), Google (GOOGL 546.49, -2.71), IBM (IBM 173.26, -0.79), and Microsoft (MSFT 48.30, -0.42) lost between 0.2% and 0.9% with comparable weakness among their peers overshadowing a decent showing from the chipmaker group. Applied Materials (AMAT 20.20, +0.34) gained 1.7% after reporting a one-cent beat while the broader PHLX Semiconductor Index added 0.2%.
Similarly, the industrial sector was weighed down by some of its largest members like General Electric (GE 27.27, -0.14) and Boeing (BA 146.88, -1.08) while transport stocks rebounded after showing relative weakness earlier in the week. The Dow Jones Transportation Average gained 0.9% today, but still lost 1.1% for the week.
On the upside, the consumer discretionary sector enjoyed broad strength with retail stocks sending the SPDR S&P Retail ETF (XRT 98.64, +0.99) higher by 1.0%. Elsewhere, the energy sector (+0.4%) recovered from opening weakness as crude oil erased its overnight loss to end the week just below $60.00/bbl. The intraday recovery was assisted by a decline in the Dollar Index (-0.2%), which has surrendered 6.8% over the past five weeks.
Today's intraday participation was light, but that was masked by options expiration, which brought the final NYSE floor volume up to nearly 813 million shares by the close.
Economic data included Empire Manufacturing Index, Industrial Production/Capacity Utilization and Michigan Sentiment Index:
- The Empire Manufacturing Survey for May improved to 3.1 from April's -1.2 while the Briefing.com consensus expected an increase to 4.5
- Industrial production registered its fifth consecutive monthly decline, falling 0.3% in April after declining an upwardly revised 0.3% (from -0.6%) in March while the Briefing.com consensus expected an increase of 0.1%
- Manufacturing production was flat after increasing 0.3% in March, which was more-or-less in-line with the regional manufacturing surveys that showed minor contractions throughout the U.S.
- Capacity utilization hit 78.2% while the Briefing.com consensus expected a reading of 78.4%
- The University of Michigan Consumer Sentiment Index declined to 88.6 in the preliminary May reading from 95.9 in April while the Briefing.com consensus expected an increase to 96.0
- That was the lowest reading since October 2014 when the index hit 86.9
- The Expectations Index fell to 81.5 in May from 88.8 in April while the Current Conditions Index declined to 99.8 from 107.0
- The decline in sentiment was likely caused by increasing gasoline prices and some market volatility, which offset improvements in labor market conditions
- Nasdaq Composite +6.2% YTD
- Russell 2000 +3.2% YTD
- S&P 500 +3.0% YTD
- Dow Jones Industrial Average +2.5% YTD
The stock market followed up Friday's broad-based rally with an outing on Monday that never got on track due to a variety of reasons like technical resistance near record highs, rising long term rates (10-yr yield 2.27%, 30-yr 3.03%), weakness in the energy sector (-2.1%), and global concerns related to China and Greece. The Dow Jones Industrial Average (-0.5%), Nasdaq Composite (-0.2%), and S&P 500 (-0.5%) all ended the day in red figures. The Russell 2000 (+0.2%) finished off its highs for the day, but still managed to close the session higher.
The market ended the Tuesday session on a modestly lower note, which masked an opening drop that had the S&P 500 (-0.3%) down as much as 20 points. Equity indices endured a shaky open after the overnight session featured more selling in European and U.S. bond markets; however, that pressure abated shortly before the opening bell with the U.S. 10-yr note marking its low at 8:00 ET. At that time, the benchmark yield marked a session high at 2.36% and began its daylong retreat that ended at 2.26%. The ensuing rally in Treasuries fostered a rebound in equities with the S&P 500 returning above its 50-day moving average (2,089) after sliding beneath that level at the start. The S&P 500 ended the day not far below its flat line, but only two sectors finished the day with gains. The energy sector (+0.4%) followed Monday's weakness with some relative strength thanks to a 2.5% gain in crude oil ($60.59/bbl), which was underpinned by a 0.5% decline in the Dollar Index (94.55, -0.46).
The major averages ended the midweek session on a flat note after sliding from their opening highs. The S&P 500 settled just below its flat line to register its third consecutive decline while the Nasdaq Composite (+0.1%) outperformed throughout the day. Prior to the open, the Retail Sales report for April (0.0%; Briefing.com consensus 0.2%) missed expectations for the fifth consecutive month. The economic disappointment helped Treasuries extend their overnight gains with the benchmark 10-yr yield hitting a morning low at 2.19%; however, Treasuries reversed from their morning highs and spent the day in a steady retreat (10-yr yield +3 bps to 2.28%) while the stock market followed suit. Only four sectors registered gains, but the top-weighted technology sector (+0.5%) held the lead throughout the session and prevented the S&P 500 from registering a larger loss. In addition, the sector fueled the Nasdaq's outperformance with large cap names like Intel (INTC 32.64, +0.39), Microsoft (MSFT 47.62, +0.27), and Qualcomm (QCOM 69.73, +0.95) climbing between 0.6% and 1.4%.
Stocks soared on Thursday with the S&P 500 climbing 1.1%. The benchmark index settled at a fresh record high of 2121.10 while the Nasdaq Composite (+1.4%) outperformed once again. Equity indices spiked out of the gate and spent the rest of the day in a slow drift higher with all ten sectors taking part in the advance. The top-weighted technology sector (+1.7%) followed Wednesday's outperformance with another strong showing that kept the group in the lead throughout the session. Large cap names like Apple (AAPL 128.95 +2.94), Google (GOOGL 549.20, +9.71), Microsoft (MSFT 48.72, +1.09), and Facebook (FB 81.37, +2.93) gained between 1.8% and 3.7%, which helped overshadow a 1.0% decline in the shares of Cisco Systems (CSCO 29.05, -0.30) after the company reported a one-cent beat and issued in-line guidance. It is worth noting that Cisco's report triggered a Sterne Agee CRT downgrade to ‘Neutral.'
DOW
NASDAQ
S&P
Global Market
ASIA
Asian Markets Close: Japan’s Nikkei +0.8%; Hong Kong’s Hang Seng +2.0%; China’s Shanghai Composite -1.6%
Wall Street’s strong showing on Thursday carried over to most markets in the Asia-Pacific region on Friday. The glaring exception to the bullish order was the Shanghai Composite, which reportedly declined 1.6% on liquidity concerns linked to the increase in new listings.
Economic data
- Japan
- April CGPI +0.1% month-over-month (expected +0.1%; prior +0.3%); -2.1% year-over-year (expected -2.1%; prior +0.7%)
- April Household Confidence 41.5 (expected 41.9; prior 41.7)
- Hong Kong
- Q1 GDP +0.4% quarter-over-quarter (prior +0.2%); +2.1% year-over-year (expected +2.0%; prior +2.4%)
- Singapore
- March Retail Sales +1.1% month-over-month (expected +1.2%; prior -3.8%); +2.1% year-over-year (expected +4.5%; prior +14.9%)
- South Korea
- Bank of Korea leaves interest rate unchanged at 1.75% (expected 1.75%)
- April Trade Balance KRW 8.50 bln (expected KRW 8.50 bln; prior KRW 8.50 bln)
- Exports -8.0% year-over-year (expected -8.1%; prior -8.1%)
- Imports -17.8% year-over-year (expected -17.8%; prior -17.8%)
Equity Markets
- Japan’s Nikkei increased 0.8%, riding the strength of the communications (+3.3%), consumer non-cyclical (+1.7%), and basic materials (+0.9%) sectors. Leading gainers were Dentsu (+13.7%), which announced a share buyback plan and raised its dividend, Marui Group Co (+5.2%), and Kao Corp (+4.8%). Nikon (-11.0%) led decliners following a disappointing earnings outlook, and was joined by Sharp Corp (-7.0%) and Sumco Corp (-5.8%). Out of the 225 index members, 132 ended higher, 83 finished lower, and 10 were unchanged. For the week, the Nikkei was up 1.8%.
- Hong Kong’s Hang Seng jumped 2.0% in a broad-based effort led by the diversified (+2.9%) and financial (+2.8%) sectors. Individual standouts included China Merchants Holdings (+5.4%), Hong Kong Exchanges and Clearing (+5.0%), and Hutchison Whampoa (+4.3%). Lenovo Group (-1.8%), Kunlun Energy Co (-1.4%), and Tingyi Cayman Islands Holding Corp (-0.4%) were the only stocks that lost ground on Friday. Out of the 50 index members, 46 ended higher, 3 finished lower, and 1 was unchanged. For the week, the Hang Seng increased 0.9%.
- China’s Shanghai Composite declined 1.6%, with reports attributing the weakness to liquidity concerns related to the increase in IPOs. The utilities (-3.6%), energy (-3.0%), diversified (-2.5%), and financial (-2.3%) sectors were the weakest links in the Chinese market on Friday. For the week, the Shanghai Composite increased 2.4%.
- India’s Sensex increased 0.4%. The best-performing sectors were the communications (+1.6%), financial (+1.0%), and industrial (+0.9%) sectors. State Bank of India (+2.3%), Housing Development Finance Corp (+2.0%), and Mahindra & Mahindra (+1.8%) topped the list of winners while NTPC Ltd (-2.1%), Vedanta (-2.1%), and Coal India (-0.9%) paced the losers. For the week, the Sensex was up 0.8%.
- Australia’s S&P/ASX 200 increased 0.7%. Gains were led by the heath care (+1.4%), REIT (+1.3%), and consumer discretionary (+1.3%) sectors. For the week, the S&P/ASX 200 increased 1.8%.
- Regional advancers: Singapore +0.2%, Malaysia +0.2%, Thailand +1.0%, Philippines +0.6%
- Regional decliners: Taiwan -0.3%, South Korea -0.7%, Indonesia -0.4%, Vietnam -1.2%
FX
- USD/CNY +0.07% at 6.2061
- USD/INR +0.2% at 63.531
- USD/JPY +0.6% at 119.82
EUROPE
Major European indices hold gains with Italy’s MIB (+0.6%) showing relative strength. Trading volume across Europe has remained light with some participants enjoying an extended weekend following yesterday’s Ascension Day holiday.
- Swiss April PPI -2.1% month-over-month (expected -0.1%; prior 0.2%); -5.2% year-over-year (prior -3.4%)
Closing Prices
- UK’s FTSE: -0.2%
- Germany’s DAX: -1.0%
- France’s CAC: -0.7%
- Spain’s IBEX: -0.8%
- Portugal’s PSI: -0.7%
- Italy’s MIB Index: -0.3%
- Irish Ovrl Index: + 0.5%
- Greece ASE General Index: -2.6%
Macroeconomic Data
Economic Data
from Briefing.com
- Empire Manufacturing : 3.1 vs 4.5 (Prior 1.2)
- Industrial Production : -0.3% vs 0.1% (Prior -0.3% - Down)
- Capacity Utilization : 78.2% vs 78.4% (Prior 78.6% - Up)
- Michigan Sentiment : 88.6 vs 96.0 (Prior 95.9)
- Net Long-Term TIC Flows : $17.6B (Prior $20.9B - Up)
INDUSTRIAL PRODUCTION & CAPACITY UTILIZATION
Highlights
- Industrial production declined 0.3% in April after declining an upwardly revised 0.3% (from -0.6%) in March. The Briefing.com Consensus expected industrial production to increase 0.1%.
Key Factors
- That was the fifth consecutive monthly decline.
- Manufacturing production was flat after increasing 0.3% in March. That was more-or-less in-line with the regional manufacturing surveys that showed minor contractions throughout the U.S.
- Motor vehicle and parts production increased 1.3% in April after a 4.3% increase in March. Total motor vehicle assemblies increased to 12.02 mln SAAR in April from 11.72 mln SAAR in March. Auto assemblies increased to 4.30 mln SAAR from 4.21 mln SAAR and truck assemblies increased to 7.72 mln SAAR from 7.50 mln SAAR.
- Excluding motor vehicle and parts production, manufacturing production declined 0.1% in April after increasing 0.1% in March.
- Mining production declined 0.8% in April after declining 0.1% in March. That was the fourth consecutive monthly decline.
- Utilities production was still recovering from the brutally cold winter. Production fell 1.3% in April and remain 1.1% above its historical average. At its peak in February, utilities production was 8.3% above historical norms.
Big Picture
- Industrial production has been on a steady downturn since the end of 2014. The headwinds from low oil prices and a strong dollar are finally starting to waver.
Highlights
- The University of Michigan Consumer Sentiment Index declined to 88.6 in the preliminary May reading from 95.9 in April. The Briefing.com Consensus expected the index to increase to 96.0.
Key Factors
- That is the lowest reading since October 2014 when the index hit 86.9.
- The Expectations Index fell to 81.5 in May from 88.8 in April. The Current Conditions Index declined to 99.8 from 107.0.
- The decline in sentiment was likely caused by increasing gasoline prices and a highly volatile stock market, which offset improvements in labor market conditions.
- The steep drop in consumer sentiment is unlikely to have any impact on consumer spending. Spending growth relies on income growth. As long as the labor market continues to improve and income trends higher, consumption growth should 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:
Higher Volumes than the day before – 818.0M vs 713.5M
Advancers outpaced Decliners (adv/dec): 1751 / 1315
New Highs outpaced New Lows (highs/lows): 84 / 15
NASDAQ:
Lower Volumes than the day before – 1651.4M vs 1730.7M
Decliners outpaced Advancers (adv/dec): 1380 / 1395
New Highs outpaced New Lows (highs/lows): 114 / 34
VOLATILITY S&P500 (VIX)
12.38 -0.36 (-2.83%)
Internals are not showing neither much of both bullishness nor bearishness. However New Highs is still showing some rising which is pointing towards more to the former. VIX went lower and formed a consolidation candlestick pattern. I reckon we might see some pullback from VIX next week.
Technical Updates
18,272.56 +20.32 (+0.11%)
Volume: 108,216,080 (above average of 99,168,458)
Range: 18,215.07 - 18,272.72
Range: 18,215.07 - 18,272.72
5,048.29 -2.50 (-0.05%)
Volume: 431,423,452 (below average of 431,922,341)
Volume: 431,423,452 (below average of 431,922,341)
Range: 5,034.84 - 5,062.65
S&P 500 INDEX (SPX: CBOE)
2,122.73 +1.63 (+0.08%)
Volume: 609,123,000 (above average of 529,893,200)
Range: 2,116.79 - 2,123.89
I didn't see much convincing bullishness for a breakout on Friday as market is still at a high. I would not say it is going for a huge sell off but rather it might still be consolidating. However if the market is not likely to break above the resistance, possibility for a correction is rather high given the technical has been showing a multiple/double top in both S&P and DOW or a head-and-shoulder pattern in NASDAQ.
Commodities
Commodities
Closing Commodities: WTI Oil Erases Most Losses, Ends Modestly Lower
Energy
Agriculture
Metals
Dollar Adds to Losses in Afternoon Trades
Bonds
- The dollar index fell steadily during the course of today’s trade, following the mid-morning release of US consumer sentiment data
- Weakness in the dollar supported precious metals throughout the course of the day.
- Precious metals closed mixed, with June gold at +0.02% to $1225.30/oz and July silver at +0.46% to $17.57/oz
- Crude sold off at the open of pit trading, but saw a mid-morning rally that lasted into the close. July crude closed down by $0.19 to $59.69/barrel
- July copper rallied to flat off of overnight lows near $2.90, and ended the day at $2.92/oz
- June natural gas closed $0.01 higher to $3.01/MMBtu
Energy
- June crude oil futures fell $0.19 to $59.69/barrel
- June natural gas closed $0.01 higher at 3.01/MMBtu
- RBOB Gasoline closed flat at $2.05/gallon
- Heating oil futures closed flat at $2.00/gallon
- The Baker Hughes total US rig count showed a decline of 6 to 888
Agriculture
- July corn closed $0.03 lower to $3.65/bushel
- July wheat closed $0.03 lower to $5.11/bushel
- July soybeans closed $0.05 lower to $9.53/bushel
- Ethanol closed $0.01 higher at $1.68/gallon
- Sugar #11 closed 0.05 cents higher to 12.89 cents/lb
Metals
- June gold ended today’s session $0.30 higher to $1225.30/oz
- July silver closed $0.08 higher at $17.57/oz
- July copper closed flat at $2.92/lb
Currencies
- The Intercontinental Exchange's U.S. Dollar Index capped off a bad week by testing its multi-month low made yesterday at 93.20. The gauge currently stands down 0.20% to 93.27
- The losses came mostly against the euro currency, which touched its highest level against the dollar since February 6th ($1.1459) and is now trading up 0.32% to $1.1436
- The German 10-year Bund yield fell 8.3 basis points to 0.62%. That is down 17 basis points from its high yield on May 7th
- Greece made a conciliatory gesture to the Eurogroup with its late-stage talks to privatize its largest port at Piraeus
- Greece also successfully paid its public sector employees on time today at a cost of about 500 million euro
- The man in charge of the Greek program at the IMF, Poul Thomsen, reported to the IMF's executive committee and said that the Greek government needed to allow the IMF access to data in Athens
- USD/JPY: +0.11% to 119.33
- Profit-taking weighed on the commodity currencies. They have all been strong since the dollar peaked in mid-April
- AUD/USD: -0.57% to $0.8036
- NZD/USD: -0.07% to $0.7482
- USD/CAD: +0.43% to 1.2035
- Cable broke its 8-day winning streak, falling 0.20% to $1.5743
Bonds
Treasuries Follow Through to Upside
- The Treasury complex was a one-way train today, with all maturities except the 30-year ending positively for the week. The yield curve flattened sharply with 2's/10's coming in 9 bps to 160 bps and 5's/30's narrowing 7 bps to 146 bps
- Yield check:
- 2-yr: -1 bp to 0.54%
- 5-yr: -5 bps to 1.46%
- 10-yr: -10 bps to 2.14%
- 30-yr: -12 bps to 2.92%
- News:
- Mario Draghi, speaking in Washington, said that "[the ECB's] monetary policy stimulus will stay in place as long as needed for its objective to be fully achieved on a truly sustained basis."
- The Empire Manufacturing Survey for May showed improvement, with the general business conditions index rising 4 points to 3.1. This was worse than the Briefing.com consensus of 4.5. The new orders index rose 10 points to 3.9 and the prices paid index dropped 10 points to 9.4, a 3-year low
- Industrial production declined 0.3% in April after an upwardly revised -0.3% (from -0.6%) reading in March. The Briefing.com Consensus expected industrial production to increase 0.1%
- Capacity Utilization in April was lower than expected at 78.2% versus the Briefing.com Consensus of 78.4%. The figure for March was revised up from 78.4% to 78.6%
- Michigan Sentiment fell to 88.6 in May, a 7-month low, versus expectations of 96.0 and a reading of 95.9 in April. Treasuries rallied off of the news
- Commodities:
- WTI Crude recovered most of its losses to trade down 0.05% at $59.85/bbl. It had dropped as low as $59.32/bbl earlier in the session
- Gold fell only 0.06% to $1,224.50/troy oz., also recovering significant intraday losses
- Currencies:
- EUR/USD: rallied 0.054% to $1.1461
- USD/JPY: +0.08% to 119.31
- Week Ahead:
- Monday: Chicago Fed President Evans (FOMC voter) speaks on current economic conditions and monetary policy (02:00 ET); May NAHB Housing Index (10:00 ET)
- Tuesday: April Housing Starts (08:30 ET); April Building Permits (08:30 ET); New York Fed President Dudley (FOMC voter) presides over a meeting of the Economic Club of New York (11:45 ET); Fed Chair Yellen (FOMC voter) participates in a meeting of the Financial Stability Oversight Council (14:30 ET)
- Wednesday:Chicago Fed President Evans (FOMC voter) speaks on current economic conditions and monetary policy in Munich (03:00 ET); MBA Mortgage Index for the week ending 05/16 (07:00 ET); Crude Inventories for the week ending 5/16 (10:30 ET); FOMC Minutes (14:00 ET)
- Thursday: Initial Jobless Claims for the week ending 05/16 and Continuing Jobless Claims for the week ending 05/09 (08:30 ET); April Existing Home Sales (10:00 ET); May Philadelphia Fed (10:00 ET); April Leading Indicators (10:00 ET); Natural Gas Inventories for the week ending 05/16 (10:30 ET); $13 billion 10-Year TIPS auction (reopening) (13:00 ET); San Francisco Fed President Williams (FOMC voter) participates in “Policy Panel on the Impact of Reform in Practice” (19:00 ET)
- Friday: April CPI and Core CPI (08:30 ET)
Treasury Yields:
- 2 Year Note 0.55% -0.01
- 5 Year Note 1.46% -0.05
- 10 Year Note 2.14% -0.09
- 30 Year Bond 2.93% -0.10
2/30 Spread: 238 bps ( -9 ) … 2/10 Spread: 159 bps ( -8 )
Preview for the week Monday 18 May to Friday 22 May, 2015
Economic Data
Monday (18 May) :
- NAHB Housing Market Index : 57 (Prior 56)
- Housing Starts : 1019K (Prior 926K)
- Building Permits : 1065K (Prior 1039K)
- MBA Mortgage Index : (Prior -3.5%)
- Crude Inventories : (Prior -2.191M)
- FOMC Minutes
- Initial Claims : 270K (Prior 264K)
- Continuing Claims : 2250K (Prior 2229K)
- Existing Home Sales : 5.24M (Prior 5.19M)
- Philadelphia Fed : 8.0 (Prior 7.5)
- Leading Indicators : 0.3% (Prior 0.2%)
- Natural Gas Inventories : (Prior 111 bcf)
- CPI : 0.1% (Prior 0.2%)
- Core CPI : 0.2% (Prior 0.2%)
Earnings Highlights
Monday (18 May) :
BMO - JASO NKA WPC
AMC - A GLPW LF MOMO NOAH OFIX PLAB RLGT TTWO URBN
BMO - JASO NKA WPC
AMC - A GLPW LF MOMO NOAH OFIX PLAB RLGT TTWO URBN
Tuesday (19 May) :
BMO - AINV CMCM CYRN DKS EJ HD LEJU RRGB SKYS SSI TJX WMT
AMC - ADI ADSK CSC PLAY DY ETSY HEI NDSN PRGN QIHU TEDU VSAT ZPIN
Wednesday (20 May) :
BMO - AEO ATTO CTRN EV EVLV HRL LOW MIK SFUN SPLS TGT
AMC - EGHT BOOT BOX BRS HGR LB NTAP RXN CRM SCVL SNPS WSTL WSM XNET YOKU
Thursday (21 May) :
BMO - AAP AKRX BBY BONT BAH BRC BKE CATO DLTR DCI KIRK LITB MNRO MOV NM PDCO QSII SHLD STFC SMRT TTC TSL
AMC - WUBA ACXM ARO CRMT ARUN BRCD CVCO DRC GPS HPQ INTU JMEI MRVL NWY OESX QUNR ROST TFM TC ZUMZ
Friday (22 May) :
BMO - ANN CPB DE FL HIBB MENT TNP
AMC - None
Summary
It looks to me that the bulls are getting out of breath soon or is it they are just taking a break? Market went up after some losses at the early session of the week which I suppose was more towards profit taking. From what I saw, I think the bullishness is more or less slowing down which could indicate some correction before another rally if there is.
Next week is going to be influenced with FOMC minutes releasing on Wednesday and quite a number of major economic data such as leading indicators and inflation rate. I think market is going to still consolidate amid all the speculation around.
Next week is going to be influenced with FOMC minutes releasing on Wednesday and quite a number of major economic data such as leading indicators and inflation rate. I think market is going to still consolidate amid all the speculation around.
Direction for Monday 18 May, 2015; Down
Direction for the week Monday 18 May to Friday 22 May, 2015; Down
Direction for the week Monday 18 May to Friday 22 May, 2015; Down
2015 Weekly Directional Accuracy: 9/17 (52.94%)
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