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Daily Commentary

July 18th, 2019

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Headline News:

U.S. stock futures moved lower along with Asian markets as signs are showing the that U.S.-China trade war is hurting corporate profits. eBay (EBAY) rose 5.4% after announcing earnings while Netflix (NFLX) moved 11% lower after posting a loss of subscribers. U.S. and Chinese officials will hold a phone conference on Thursday that could help in the ongoing trade talks.

Markets:

The S&P 500 moved lower for the third day in a row on Thursday and moved below support at 3002.98 to close at 2984.82. The selling again came with higher volume while the RSI index continues to move lower towards the import 50 level.  Potential support will now be at 2963.44. The market should continue to be choppy until the second-quarter earnings season is complete. We feel a short-term cautious stance is still the best course of action for this type of market.

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.

 

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