It was a bullish week for US equity indexes, with net weekly gains ranging from +2.0% (Trans), +1.8% (R2K), +1.3% (NYSE comp'), +1.1% (SPX), +0.9% (Nasdaq comp'), to +0.6% (Dow).
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 - Trans/R2K, lead the way up, whilst the Dow lagged.
The SPX and Dow broke new historic highs.
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Looking ahead
A very busy week is ahead, with a monster truck load of earnings, an FOMC, and a fair amount of econ-data.
Earnings:
M - SOFI, PHG, SMCI, CLF, NUE, FFIV, WHR, CR, TWO, ARE
T - PFE, GM, UPS, JBLU, AOS, MPC, MSCI, GLW, HCA, PHM, MSFT, AMD, GOOGL, SBUX, SKWS, JNPR, MTCH, LC, EA, CP
W - BA, NVO, PSX, ROP, MA, TMO, BSX, HES, MKTX, MHO, QCOM, CTVA, ALGN, WOLF, AFL, AVB, CCS, NXT, MET, MTH
T - MO, RCL, PTON, EPD, MRK, SIRI, CAH, HON, TSCO, SWK, AAPL, AMZN, META, TEAM, X, CLX, SKX, DECK, ORC, MCHP
F - XOM, CVX, BMY, ABBV, CI, REGN, CHTR, CBOE, AON, GWW
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Econ-data/events
M -
T - Case-Shiller HPI, JOLTS, Consumer con'
W - ADP jobs, EIA Pet'
*FOMC, 2pm announcement, with a press conf' at 2.30pm. No change in rates or QT can be expected.
T - Weekly jobs, Productivity, PMI/ISM manu'
F - Monthly jobs, factory orders, consumer sent'
*As Wednesday is end month, I'd expect dynamic price action on very high vol'.
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| Chilly... but sunny, and I can cope with that |
Final note
It was another week for the equity bulls, with two of the big indexes breaking new historic highs. Whilst you can argue we're s/t overbought, there is zero sign of a m/t top. Seasonally, the bulls could expect (or rather hope) the market will broadly climb into the spring/early summer.
The only real wild card... is... well, a wild card. By definition, such a thing is largely unpredictable. If you read around though, a fair number of the smarter ones recognise something 'big' is coming.
For now, I see short side trades as largely pointless. If the bears are lucky, they'll get a m/t top that stretches across two or three months, which would also give the more cautious bulls time to recognise that it might be time to at least tighten those trading stops.
Planet Krazy never fails to provide adverse surprises, as extra popcorn will be required this year.
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Have
a good weekend, if you deserve it.
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*the next post on this page will likely appear 4.20pm EST on Monday.
