It was a bullish week for US equity indexes, with net weekly changes ranging from +2.1% (Trans), +1.4% (Dow), +1.0% (NYSE comp'), +0.8% (R2K), +0.6% (SPX), to u/c (Nasdaq comp').
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
Five US equity indexes were net higher for the week, with one index u/c.
The Transports lead the way up, whilst the Nasdaq comp' settled u/c
The SPX and Nasdaq comp' broke new hist' highs.
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Looking ahead
Earnings:
M - $EPAC $XAIR
T - $CCL $SNX $AISP $FDX $PRGS
W - $PAYX $GIS $UNF $MU $BB $LEVI $CNXC $AVAV $FUL $JEF $MLKN $CULP $FC
T - $WBA $MKC $AYI $SMPL $APOG $LNN $NKE $ACCD $AOUT $PNST
F -
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Econ-data/events
M -
T - Consumer conf'
W - New home sales, EIA Pet'.
T - Weekly jobs, GDP Q2 (print'2), durable goods orders, pending home sales
*Trump - Biden debate, CNN, 9pm EDT
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F - Pers' income/outlays, PCE, consumer sent'
As Friday is end month/Q2/H1, I'd expect considerable chop on very high vol'.
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Final note
A short week, but it was certainly a net bullish one, with a pair of index historic highs. There has been a little renewed top calling, not least after rather powerful downside in the AI-related semicons - such as NVDA, SMCI, and MU, across Thurs-Friday.
As a collective though, the US equity market is unquestionably still m/t bullish, along with a fair number of other world markets.
The US economy is slowing, as some argue Q2 is at least borderline recessionary. Regardless... the mainstream cheerleaders and related 'smart guys' have no significant concerns. In fact, many of them have been upgrading their year end targets. After all, #everythingisfine ... right?
The real concern should be geo-political, with multiple escalating problems. Relations between the west and Russia continue to worsen. The tinderbox that is the middle east has to be expected to see renewed 'events', which should especially concern oil/energy traders.
The very near term will see elections in the UK and France, both of which look set to see their leaders given the boot. The sad irony is that both replacements (Starmer and Le Pen respectively), will probably be even worse than Sunak and Macron.
Then there is the issue of Trump, with sentencing due July 11th. That shall be no minor matter, not least if the judge decides to send him straight to jail... whilst on appeal. Ohh, and next Thursday will see Trump and Biden face off in a CNN debate. How much of a train wreck will that be?
Regular listeners to my X Spaces will know how I see this political freak show playing out. A wild summer is ahead, but I'd imagine the Fall will be even worse. Just be sure to have enough popcorn and drinks for the big show.
Summer subscription offers, see: https://www.tradingsunset.com
Have
a good weekend
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*the next post on this page will likely appear 4.20pm EDT on Monday.
