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Daily Commentary

January 23rd, 2020

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Headline News:

U.S. stock futures were flat to start the day as worries grow about China’s ability to contain the coronavirus outbreak. Two major cities were on lockdown after the virus continues to spread. So, far fourth-quarter earnings have been mostly positive. According to Refinitiv IBES data, 67.2% of the reporting companies have topped Wall Street’s profit estimates. The high percent of better than expected earnings reports has investors in a risk-on mood for stock so far this year.


The S&P 500 traded at a new all-time high at 3337.77 on Wednesday but sold off late in the day to close at 3321.75. The index is now at the high end of the recent 3302.82-3329.88 trading range, and we feel a few more days of sideways trading would be constructive for all markets. The RSI index remained in the overbought zone at 73.07, and volume was less than average.  We continue to believe the next move will potentially be a new leg higher after more consolidation of the recent uptrend.

We are currently long-term bullish and short-term bullish.


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John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, Windsor Wealth
Windsor Wealth


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.


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