Craig Johnson’s

Financial Markets Summary

Thursday, May 10, 2018

U.S. Stock Market (S&P 500 Index) Trends:
       ST – Neutral, IT – Higher, LT - Higher 
U.S. Stock Market (Nasdaq Composite) Trends:
       ST – Higher/Neutral, IT – Higher, LT - Higher 
Gold (World Gold Index) Trends:
       ST – Neutral, IT – Neutral, LT - Lower 
Oil (West Texas Intermediate) Trends:
       ST – Higher, IT – Higher, LT – Lower
 

Legend
Short Term Trend (ST) - Weeks to months
Intermediate Term Trend (IT) – Months to full year (most important trend for us)
Long Term Trend (LT) - Years
 
  • Oil continues to garner the most interest among traders as price has shown resiliency on down days and the ability to surge higher on days when the price is rising. The rally in oil has moved prices back to levels last seen in late 2014.
  • In addition to the more speculative oil exploration and pipeline stocks that have surged higher, the larger oil related stocks, including the integrated oil stocks, have moved into a much more attractive posture for intermediate to long term investors.
  • The one yellow flag that still exists is how much of the current move is attributable to geopolitical news.
  • Gold has been in a struggle trying to hold important support just above $1300 an ounce. A failure to hold that support would call into question if gold is ready to move any higher than it already has during the recent rally.
 

Sources: bankrate.com, bloomberg.com, Dow Jones News, finviz.com, Investor's Business Daily, marketwatch.com, seekingalpha.com, Thomson Reuters/First Call, U.S. Dept of Treasury, individual company web sites and press releases.
 
Leonetti & Associates, LLC views or opinions are as of a certain date and subject to change without notice.  The material contained herein is for informational purposes only and obtained from sources we consider reliable. We make no guarantee as to its accuracy or completeness.  References to specific securities and industries/sectors should not be considered recommendations to buy or sell any security or advisory service.  Past performance is not a guarantee of future results.

 

 

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