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Perspectives

Slow week last week with the national holiday

by Fortem Financial July 8, 2019

While it’s hard to draw many conclusions from one of the lightest volume days of the year, we did find it notable that Friday’s weakness was not accompanied with any internal pressure.  In fact, advancing stocks actually outnumbered declining stocks +1.3 to 1 on Friday, despite the S&P finishing lower on the day.  Collectively about 83% of the S&P is trading above its respective 50-day moving average – consistent with a market that is likely short-term overbought, but more importantly, a reflection of momentum present under the surface.  It’s no secret that seasonality begins to wane as the dog days of August approach, and very low put/call ratios also increase the likelihood of a pause or consolidation in the near-term, but we remain inclined to view weakness as buyable.  The relative weakness from the Transportation stocks remains the biggest leadership blemish in our work, but the recent improvement in groups like Financials (Banks in particular) helps to fill the void.  84% of the Financials sector is back above its 200-day moving average, the best reading in roughly 16 months.

Q2 Earnings announcements start later this week so we will see how the market digests the news.

Source: Strategas

Chart reflects price changes, not total return.  Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

 

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Brian Amidei, along with Partners Joseph Romano and Brett D'Orlando have also been named *2014, 2015, 2016, 2017, 2018 Five Star Wealth Managers!

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