The S&P 500 rallied beyond my stop loss recommendation of 2095, but after the failed oil supply cut talks in Doha I remain bearish on the S&P 500, even after it broke the 2100 barrier
This week could be the peak as the oil story starts to get bearish again:
"U.S. stock indexes were little changed on Wednesday April 20, 2016 as encouraging earnings reports offset oil prices sliding on renewed concerns about global oversupply. Crude fell about 2 percent after Kuwaiti oil workers called off a strike that drove up prices and helped the S&P 500 breach 2,100 on Tuesday, about 30 points shy of its record high.
(...) Nadia Lovell, U.S. Equity Specialist at J.P. Morgan Private Bank expects the market to edge up on Wednesday, but cautioned that investors remained wary. First-quarter earnings at S&P 500 companies are expected to have fallen 7.6 percent on average and revenues are seen dipping 1.3 percent, according to Thomson Reuters I/B/E/S."
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Forgot to add this part of news:
"Declining issues outnumbered advancing ones on the NYSE by 1,369 to 1,249. On the Nasdaq, 1,187 issues fell and 1,001 rose."
The S&P 500 has started the decline I had envisioned. Question is if the downtrend accelerates in the next two weeks or if it first reverses with a bounce - as I predicted eight days later here:
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captain_smollett
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If oil keeps raising, can this improve companies earning because USD is cheaper?
CryptoQiu
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nice! I got 2090 as entry!
ChartArt
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There are lot of news coming up which can have negative surprises:
Fed beige book, Bank of America earnings, China GDP data, Bank of England decision, Citi earnings, IMF & World bank meetings, Morgan Stanley earnings, Goldman Sachs earnings