Afternoon Note
The Dow Jones Industrial Average followed through on Friday’s strong advance to open higher by 130 points. The Dow is trying to break out and close above the top of its recent trading channel. Currently, the Dow is up 180 points @ 24,442 and is testing a declining trend-line along with its 50-day moving average, both come in @ 24,465. A close above that level would be constructive for the market and would set up for a test 24,859.
At midday, all the major indices are in the green. Eight of the 11 S&P sectors are in the up with energy +2%, technology +1.1%, and industrials +0.9%, leading the way higher. Speaking of industrials, United Rentals (URI) is a monster today, up 4.5%. Consumer staples, telecom and utilities are down in today’s session. Advancers are firmly outpacing decliners 1961/910 on the NYSE and 1832/955 on the Nasdaq.
WTI crude has broken through $70 for the first time since November. Potential sanctions against Iran, and Venezuela’s expanding economic crisis, are adding to supply worries. The deadline for President Trump to confirm the Iran Nuclear deal that was negotiated in 2015 is Saturday, May 12, and he is likely to back out of it despite calls from European leaders for him to stay the course.
Comments |
Dear Charles: this is the first comment I have ever sent to anyone. I manage a very large personal retail portfolio and have followed you for many, many years; watching your career develop. I can easily state that you are one of the most respected analysts I follow. I would appreciate your keeping my name anonymous: Thank you. Very best to you: J. on 5/7/2018 2:28:18 PM |
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