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Friday, July 5, 2019

Update 7/5

The market responded favorably to the G20 meeting last weekend. 


The market sold off early this morning on a warning from Samsung.  However, the dip buyers showed up to do their duty.  Most of the money managers were likely out of the office (notice the tiny volume today) so we will have to wait until next week to see if there is any fallout from the Samsung warning. 


The green count is once again in an overbought condition.

With earnings season about to kick off we will see if the trade war and weakening global economy is causing problems for companies.  With SPX at highs the question is will earnings be good enough to push the market higher.  Of the weak sister indexes, only XLF has eclipsed the April high.  IWM and IYT are still lagging badly.  It is still not clear to me this is some kind of major break out and months of upside are coming.  The economic data in general around the globe is still weakening.  I guess it will be up to what earnings season brings.  At the moment the bulls are clearly in control.




Have a great weekend.

Bob

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