Daily Commentary
Headline News:
Wall Street is set to, once again, open at a new all-time high on Friday morning. Investors are encouraged by a slew of positive fourth-quarter earnings reports and indications of a healthy economy in China. Alphabet (GOOG) was up 0.6% in premarket trading after posting an earnings beat, Qualcomm (QCOM) was up 1.4%, and Gap Inc (GPS) gained 6.4% in early trading. The Chinese reported a strong end to 2019, which help the world’s second-largest economy have global inflows to their markets.
Markets:
The S&P 500 broke out of the trading range and closed at another all-time high at 3316.81on Thursday. However, volume remained only average while the RIS index moved further into the overbought level at 74.87. Potential support will now become old resistance at 3294.25. The lack of volume is a concern, but it has not stopped the index from continuing to make new highs this year. We feel there is a possible new uptrend forming and will remain selective with our new buys.
We are currently long-term bullish and short-term bullish.
John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, Windsor Wealth
Windsor Wealth
The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and changes of price movements.
The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S stock market. Past performance may not be indicative of future results. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investors’ results will vary. Opinions expressed are those of the author John N. Lilly III, and not necessarily those of Raymond James. “There is no guarantee that these statements, opinions or forecast provided herein will prove to be correct. “The information contained was received from sources believed to be reliable, but accuracy is not guaranteed. Investing always involves risk and you may incur a profit or loss. No investment strategy can guarantee success. The charts and/or tables presented herein are for illustrative purposes only and should not be considered as the sole basis for your investment decision. International investing involves special risks, including currency fluctuations, different financial accounting standards, and possible political and economic volatility. Investing in emerging markets can be riskier than investing in well-established foreign markets.
The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Investments mentioned may not be suitable for all investors. The material is general in nature.