US Stocks in Consolidation Mode, Not in Bear Market

US Stocks in Consolidation Mode, Not in Bear Market

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

Date Symbol Price Technical Analysis Support Resistance
12 April 2018 QQQ 162.17 Neutral (-0.13) 161.68 164.28
12 April 2018 DIA 244.81 Neutral (-0.17) 243.04 246.15
12 April 2018 SPY 266.21 Neutral (-0.12) 266.07 268.28

Stay tuned…

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.