Original Link | RockwellTrading by Markus Heitkoetter
The bulls were in control last week.
The S&P traded in a 4 point range for most of Monday and Tuesday, but still managed to close at record highs. On Wednesday, the S&P opened higher and spent the day in another 4 point range before finishing with a new record close.
On Thursday, the rally was shaken up with a selloff in overseas markets. But after a lower open, the major indices managed to get back to breakeven by the close.
On Friday, stocks took off higher and the S&P and DOW closed at highs of the week.
The market continues to reward bullish investors as the S&P closed higher for the 6th week in a row.
Although the rally isn’t letting up, ranges continue to get smaller. And the VIX (aka Fear Index) continues to trade near historic lows.
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Here’s where the major indices ended the week:
- The S&P finished 0.9% higher. Up 22 points, the S&P ended at 2,575.
- The DOW ended with a 2.0% gain. Adding 457 points, the DOW closed at 23,329.
- The NASDAQ was up 0.4%. Adding 23 points, the NASDAQ finished at 6,629.
Crude Oil (CL) finished higher for the 2nd week in a row. With a 0.6% gain, CL ended the week at $51.92 a barrel.
Investors cheered IBM (IBM) after beating earnings estimates. IBM finished the week 10.2% higher. Johnson & Johnson (JNJ) ended the week with a 4.4% gain after stellar quarterly results. Adobe (ADBE) crushed earnings estimates and raised guidance on Wednesday. This sent the stock soaring to a weekly 14.1% gain.
Celgene (CELG) was in the news Friday after reporting the discontinuation of one of its drugs. The stock was clobbered and finished down over 10%, dragging the rest of the biotech sector with it.
It’s a big week for earnings with reports from Caterpillar (CAT), McDonald’s (MCD), Boeing (BA), Amazon (AMZN), Google (GOOGL), Microsoft (MSFT), and Exxon (XOM).
Traders are also keeping a close eye on any Fed Chair developments. Although current Fed Chair Janet Yellen is being considered, sources close to President Trump say that he is leaning towards selecting Jerome Powell as the next Fed Chair. This could affect bonds and equities in the upcoming weeks, as traders try to determine if a change in leadership will have a significant impact on the Fed’s interest rate path.
Here are this week’s key reports (all times ET):
- MONDAY – No major reports.
- TUESDAY – No major reports.
- WEDNESDAY – Durable Goods Data at 8:30am, New Home Sales at 10:00am, Crude Oil Inventories at 10:30am.
- THURSDAY – Unemployment Claims at 8:30am, Pending Home Sales at 10:00am.
- FRIDAY – Advance GDP at 8:30am, Revised Consumer Sentiment at 10:00am.
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