It was a bullish week for US equity indexes, with net weekly gains ranging from +1.4% (SPX, NYSE comp'), +1.2% (Dow), +1.1% (Nasdaq comp'), to +0.01% (Transports).
Lets take our regular look at five of the main US indexes
sp'500
Nasdaq comp'
Dow
NYSE comp'
Trans
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Summary
All five US equity indexes were net higher for the week.
The SPX and NYSE comp' lead the way higher, whilst the Transports lagged.
The SPX, Dow, NYSE comp', and Transports broke new historic highs.
More broadly, all five indexes are holding above their respective monthly 10MA, and I thus see the m/t trend in all five as bullish.
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Looking ahead
Whilst there isn't much econ-data, there is a truck load of earnings.
Earnings:
M - IBM, KO, UAL, STLD
T - JNJ, CSX, PG, NFLX, TRV, LMT, ABT, HOG, PM, IBKR
W - VZ, CMG, ANTM, WHR, BKR, HAL, LRCX, KMI, SAVE, LVS
T - SNAP, INTC, T, AAL, DHI, CLF, FCX, LUV, STX, MAT
F - AXP, HON, SLB, KMB
-
Econ-data/events
M -
T -
W -
T - Weekly jobs, existing home sales, leading indicators
F - PMI manu, PMI serv', new home sales
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| 7.43pm BST, still a chilly 6c/43f |
Final note
With most indexes breaking new historic highs, it was just another week for the equity bulls. Nasdaq can be expected to follow, whether next week... or shortly after. It really makes no difference.
It should be clear, Mr Inflation is out there. The fed are going to be screaming 'TRANSIENT' across this summer. Whether you believe anything from Print Central... well, that is clearly a personal judgement.
To those who can hear above the short term noise, some very major chess pieces are being moved across the board. You can chose to plan accordingly. It IS a choice.
If you support freedom of speech, have no interest in pretending you believe in the mainstream narrative, and want more of the same, then you know where I am... in the twilight zone.
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Have
a good weekend
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*the next post on this page will likely appear 5pm EST on Monday.
