US Stocks in Consolidation Mode, Not in Bear Market
$DIA, $SPY, $QQQ, $VXX
Thursday, US stocks bounced, as expectations that lower US taxes will drive corporate earnings added to fading worries about a US military conflict with Russia in Syria.
We are seeing some early optimism ahead of earnings season’s kick-off Friday, and there no bad news now about Russia and/or the US or trade war situation
Blackstone’s (NYSE:BX) Byron Wien, 85 anni, told investors that he sees a “terrific buying opportunity’ for stocks and that the volatile market will not plunge this year.
“If I’m right and we test the lows, that’s going to be a terrific buying opportunity,” Mr. Wien, Vice Chairman at Blackstone said Thursday, predicting stocks will not enter “Bear market” territory in Y 2018.
A Bear market is commonly defined as a drop of 20% or more from a market’s high.
Mr. Wien is Bullish for the rest of this year despite “too much complacency” in the market.
“We’ve had a lot of years of double-digit returns,” Mr. Wien said during a webcast Thursday. “What we are saying now is we are not going to have that going forward.”
Thursday, the major US stock market indexes finished at: DJIA +293.60 at 24483.05, NAS Comp +71.22 at 7140.25, S&P 500 +21.80 at 2663.99
Volume: Trade on the NYSE came in at 746-M/shares exchanged
- NAS Comp +3.4% YTD
- Russell 2000 +1.4% YTD
- S&P 500 -0.4% YTD
- DJIA-1.0% YTD
HeffX-LTN’s Market Indexes Technical Analysis