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Market Updates

Daily Commentary

July 17th, 2019

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Headline News:

U.S. stock futures were slightly higher as investors continue to evaluate the second-quarter earnings results. Today after the closing bell Netflix (NFLX), International Business Machines (IBM), and eBay (EBAY) will all report earnings. So far, earnings from the largest U.S. banks have raised concerns that lower interest rates could hurt banking profits in the third quarter.

Markets:

The S&P moved lower for the second day in a row on Tuesday and closed just above possible support at 3002.33. The selling came with higher volume than the previous day, which could show selling might be intensifying. The RSI index moved out of the overbought zone giving another indication sellers may be taking over. We will remain short term cautious for now.

Economy:

Housing starts fell in June down to 1.253M compared to 1.269M for May, and new permits also were lower at 1.220M compared to prior of 1.294M. These two economic reports suggest the housing market continues to struggle despite lower mortgage rates.

We are currently long term bullish and short cautious.

John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, DJWMG
Dominguez & Jones Wealth Management Group

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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.

A housing start is registered at the start of construction of a new building intended primarily as a residential building. The start of construction is defined as the beginning of excavation of the foundation for the building.

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