Headline News: U.S. stock futures are higher after another round of upbeat third-quarter earnings reports. Shares of Qualcomm (QCOM) were higher by 7% after reporting an increase of 56% in smartphone chip sales, and MGM (MGM) was higher by 5% after announcing the sale of its Mirage casino in Las Vegas to another vendor. Also, yesterday the Federal Reserve announced a $15 million monthly slowdown in bond buying, and signaling the U.S. economy can handle the unwinding of the pandemic stimulus. Meanwhile, initial claims for unemployment benefits fell 14,000 to a seasonally adjusted 269,000 for the week ended October 30th. Markets: The S&P 500 closed at another new all-time high at 4660.57 on Wednesday. The advance/decline line and the net new high index’s also closed at new highs for the year, supporting the uptrend. The RSI index moved further into the overbought zone closing at 73.47, but traders are not worried about the negatives are this time. As we have said before, the best approach now is to ride the uptrend but be cautious and on alert for the inevitable pullback that will come. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management… Read More
Headline News: Wall Street is set to open lower as investors await a decision from the Federal Reserve on a potential slowdown of the current bond-buying program. Also, there could be clues as to when the Fed will possibly raise interest rates. Inflation has seen prices increase at the fastest pace in 30 years, and investors will want to know how the Fed will act to slow the increases. Markets: Another day, another new all-time high for the S&P 500. The index closed at 4630.65 on volume of 2,140,098,048 and has now closed higher 13 times out of the last 15 trading sessions. The RSI index moved into the overbought zone closing at 70.68, and typically selling comes in at that level. This morning the S&P 500 is set to open lower, and we expect low volume until the Fed announcement at 2:00 p.m. Potential support could come in at 4598.53, and possible resistance is now at 4635.15. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJFS Partner, DJWMG Windsor Wealth Planners & Strategist Futures trading is speculative, leveraged, and involves substantial risks.… Read More
Headline News: Wall Street is set for a flat open as investors await the end of the Federals Reserves two-day meeting on Wednesday. Also, more corporate earnings will be coming this week, and so far, 55.8% of S&P 500 companies have reported, and 82% have beaten earnings estimates, according to FactSet. Markets: The S&P 500 closed at a new all-time high of 4613.67 to continue the impressive uptrend. Volume came in at 2,025,679,104, and 81% of that was up volume. Small Caps lead the way with a 2.65% advance in the Russell 2000 index, which shows the rally is expanded into other areas of the U.S. market. The advance/decline line finally also moved to a new high, supporting the day’s rally. So, we feel the market can potentially continue to move higher from here with some minor pullbacks along the way. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJFS Partner, DJWMG Windsor Wealth Planners & Strategist Futures trading is speculative, leveraged, and involves substantial risks. Investing always involves risk, including the loss of principal, and futures trading could present additional risk based… Read More
Headline News: U.S. stock futures are set to open higher as investors appear to be betting on a year-end rally to start November. Shares of Tesla (TSLA) were up 1% in pre-market trading after becoming a $1 trillion company last week. Later this week, the Federal Reserve will hold a two-day meeting and is expected to begin tapering its $120 billion in monthly bond purchases. Also, on Friday, the October job report will be released and could potentially show the health of the U.S. job market. Markets: The S&P 500 closed at another new all-time high of 4605.38 with volume of 2,343,990,016 on Friday. The RSI index closed at 68.49, just under the overbought level, and the advance/decline line did not make a new high. At this point, the index wants to go higher, and we believe it best to go with the current uptrend. So far this morning, the index is set to, possibly, open higher at 4611.00, and we could see money on the sidelines come due to fear of missing out on the upside move. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio… Read More
Headline News: Wall Street is set for a lower open after third-quarter results from Apple (AAPL) and Amazon (AMZN) renewed new fears of labor and supply shortages. Apple (APPL) was lower by 3.5% in pre-market trading after warning that disruptions will worsen for the holiday sales quarter. Amazon (AMZN) was lower by 4.8% after they forecast lower holiday-quarter sales. Also, Starbucks Corp was lower by 4.7% (SBUX) after announcing fiscal 2022 operating margins to be 17% below its long-term target. Markets: The S&P 500 closed at another new all-time high at 4596.42 on above-average volume at 2,175,478,784. However, the advance/decline line did not make a new high and is now negatively divergent. In pre-market trading, the index is set to open lower below potential support at 4572.62. If so, we feel the next level of possible support will hold at 4545.85 due to traders missing out on the recent rally and setting up a new trading range of 4598.53-4545.85. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJFS Partner, DJWMG Windsor Wealth Planners & Strategist Futures trading is speculative, leveraged, and involves substantial risks.… Read More
Headline News: Wall Street is set to open higher after Ford (F) reported earnings that nearly doubled expectations, and the company increased annual guidance for the second time this year. The news shows that consumers are still willing to purchase big-ticket items despite rising inflation. However, third-quarter GDP came in 2.0%, below the expectations of 2.8%, and the slowest gain since the second quarter of 2020. Later today, Amazon (AMZN) and Apple will report, and both reports could be market movers. Markets: The S&P 500 sold off heavy closing at 4551.68 and just above potential support at 4545.85. Volume came in above average, with 2,245,939,200 shares traded. We feel the selling will potentially continue, and possible support at 4524.40 could be tested soon. If so, the elusive base we have been hoping for could form and allow the index some rest after the recent explosive uptrend. The advance/decline line and the net new high index both broke their uptrend showing that the selling was broad-based. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJFS Partner, DJWMG Windsor Wealth Planners & Strategist Futures trading is… Read More
Headline News: Wall Street is set for a higher open after better than expected earnings from large technology companies. Microsoft (MSFT) was up 2.1% in pre-market trading after forecasting a strong end to the calendar year. Alphabet (GOOGL) was lower by 0.6% after reporting record quarterly profits for the third quarter. Also, Coca-Cola rose 2.6% after beating estimates on the top and bottom line, and Boeing’s (BA) revenues were up 8% for the third quarter. Markets: The S&P 500 closed higher at 4574.79, another new all-time high, after trading at 4598.53 mid-day. The selling that came in at the day’s high could now act as solid resistance going forward, and we don’t feel that level will be tested soon. So, the index remains extended and overbought, and the question becomes who is left to buy at these levels. Also, another question is, now that the large tech companies have reported earnings, what is the next catalyst to move the markets higher potentially? We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJFS Partner, DJWMG Windsor Wealth Planners & Strategist Futures trading is speculative, leveraged, and involves… Read More
Headline News: Wall Street is set for a higher open after third-quarter earnings continued to come in better than expected. Facebook (FB) beat on earnings expectations but missed on revenue and monthly active user growth. However, the stock was higher by 2.5% in pre-market trading. United Parcel Service (UPS) was higher by 2%, General Electric (GE) was higher by 2%, and 3M (MMM) was higher by 2.2%. Of the 119 companies in the S&P 500 that have reported earnings, 83% beat expectations, according to Refinitive. Markets: The S&P 500 rallied again on Monday and closed at a new all-time of 4566.488. The advance/decline line moved higher in support, and the net new high index has also begun to move higher. So far, this morning, the S&P 500 is set to open at another new high and continue the uptrend. The move from the 10/4/2021 low of 4278.94 to today has been impressive and left many investors stranded on the sidelines. So, we believe any pullback will be met with more buying. The potential support at 4545.85 should hold if tested today. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset… Read More
Headline News: S&P 500 futures are slightly higher to start the week as investors await third-quarter earnings from Microsoft (MSFT), Apple (AAPL), Alphabet (GOOGL), and Amazon (AMZN) later this week. Facebook (FB) will report after the close of the markets today. Meanwhile, the U.S. GDP for the third-quarter report will be released along with the core PCE price index and the Fed’s preferred inflation gauge later this week. Markets: On Friday, the S&P 500 traded in a wide range and tested both support and resistance, only to close little changed at 4544.90. The advance/decline line has also moved up to a high, so we feel the recent rally can hold going forward. Some of the largest technology companies will report third-quarter earnings this week, and those reports could potentially be market movers. However, the index is overbought, and some sideways trading is needed before a potential new all-time closing high can be achieved. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJFS Partner, DJWMG Windsor Wealth Planners & Strategist Futures trading is speculative, leveraged, and involves substantial risks. Investing always involves risk, including the loss… Read More
Headline News: Wall Street is set for a lower open after IBM (IBM) missed market estimates for third-quarter revenue. Tesla (TSLA) reported better than expected third-quarter earnings and revenue results and said that supply-chain headwinds would pressure its margins causing the stock to trade 4% lower in pre-market trading. Meanwhile, the number of Americans filing for new unemployment benefits dropped to a 19-month low last week. Initial claims for state unemployment benefits fell 6,000 to a seasonally adjusted 290,000, the lowest level since March of 2020. Markets: The S&P 500 rallied for the sixth day in a row and closed higher at 4536.19 on Wednesday. RSI moved higher in support, closing at 64.47, and the advance/decline line moved past old resistance. The all-time closing high of 4536.95 on 9/2/2021 is now just overhead, and we feel that will be achieved soon. However, the index remains overbought and extended. So, we may sound like a broken record, but the index needs to rest at these levels before a potential new high can be achieved. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJFS Partner, DJWMG Windsor… Read More
