The Trump Rally is Almost 1 Year Old
$DIA, $SPY, $QQQ, $VXX, $AAPL
Friday, the US major stock market indexes finished the longest string of weekly gainers since Y 2013 as Apple Inc. (NASDAQ:AAPL) results and strong services sector data added to the continuing and growing optimism in the economy.
US Dollar (.DXY) index rose, US Treasuries finished a bit higher, the latest NFPs report did little to alter views on the timing for higher interest rates.
The S&P 500 Index finished higher for an 8th week running, as Apple rose 2.6% to an all-time high.
The CBOE Volatility Index (VIX) seeing the lowest close on record.
WTI Crude Oil topped 55 bbl on reports Mexico’s state-owned Oil company made a major discovery.
The US Payrolls data provided a mixed picture of the strength of the labor market, though distortions from the hurricanes in August made it difficult to draw firm conclusions.
Based on CME fed fund futures, the odds for a rate hike in December were unchanged.
Investors are weighing the impact of House Republican leaders’ sweeping tax reform plan, which includes lowering the corporate tax rate to 20% from 35%.
The S&P 500 rose 0.3% to a record 2,587.69 at 4:00p in New York, to notch a weekly gainer of 0.3%. It was the 8th straight weekly gainer, the longest run since November 2013.
The DJIA ended the week higher by 0.4% at an all-time high.
The NAS Comp rose 0.9%, capping a weekly gainer of 1.3%, closing at a record high
The VIX lost 9% to 9.08 a record low.
The Stoxx Europe 600 Index rose 0.3%.
President Trump left for an 11-day trip to Asia, his 1st as President Friday. Trade with China and security issues with NKorea are the focus letting our allies and enemy that America is 1st.
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Very Bullish (0.50)||Bullish (0.38)||Very Bullish (0.71)||Bullish (0.42)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Bullish (0.39)||Bullish (0.31)||Very Bullish (0.52)||Bullish (0.33)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Very Bullish (0.50)||Bullish (0.48)||Very Bullish (0.50)||Very Bullish (0.53)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Very Bearish (-0.55)||Very Bearish (-0.55)||Bearish (-0.42)||Very Bearish (-0.67)|
Have a terrific weekend