It was a bullish week for US equity indexes, with net weekly gains ranging from +5.5% (R2K), +5.3% (Trans), +2.9% (Dow), +2.8% (Nasdaq comp'), to +2.5% (SPX, NYSE comp'). Near term outlook offers broad chop into the Christmas break
Lets take our regular look at six of the main US indexes
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
Trans
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Summary
All six US equity indexes were net higher for the week.
The two leaders - R2K and Trans, lead the way up, whilst the SPX and NYSE comp' lagged.
The Dow broke a new historic high of 37347.
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Looking ahead
Earnings:
M - HEI
T - ACN, FCLE, FDX, SCS, WOR, EPAC
W - GIS, WGO, MU, BB, MLKN
T - CCL, CTAS, KMX, PAYX, APOG, NKE, AIR
F -
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Econ-data/events
M - Home builder confidence
T - Housing starts, building permits
W - Intl' trade, existing home sales
T - Weekly jobs, Q3 GDP (print'3), Phil' Fed Manu', leading indicators
F - Durable goods orders, Pers' income/spending, PCE, new home sales, consumer sent'.
*As Friday is the lead into the three day Christmas holiday, once the econ-data is out of the way, I'd expect subdued trading conditions on very low vol'.
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Final note
We have just nine trading days left of the year. On any basis, its been a net bullish year, with the Dow breaking a new historic high this week. VIX sub-teens are reflective of a very confident mainstream, whom believe the inflation monster has been slayed, with rate cuts on the way.
Earnings and econ-data are 'questionable' at best, never mind the increasing pile of wild cards.
A good movie double bill will be 'Leave the world behind' and 'Civil War' (the latter is yet to be released). In the meantime... Rebel Moon is due Dec'22nd.
Yours truly will hope Santa delivers some gold bars, popcorn, and a handful of new subscribers.
Christmas subscription offers >>> https://www.tradingsunset.com
Have
a good weekend
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*the next post on this page will likely appear 4.20pm EST on
Monday.
