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Market Updates

Daily Commentary

August 26th, 2019

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Headline News:

U.S. stock futures are set to open higher today after President Trump said China wants to return to the negotiating table. Asian markets finished lower, but European markets reversed course to the plus side after the news.  The 10-year U.S. Treasury bond yield hit a 3-year low at 1.44% early before rising back to a 1.51% yield.

Markets:

The S&P 500 was down 2.7% on Friday on better than average volume to close at 2847.11. The index moved below a vital trend line going back to the June low of the year at 2728.81 on 6/3/2019. The RSI index also moved lower, and there was a big pick up in volume that was better than average. A move back above the trendline on good volume would be a good sign the selling is over. However, a move below 2822.12 could bring in more selling so we will remain short term cautious.

Economy:

New orders for U.S. made capital goods unexpectedly rose in July, but shipments were lower by the most in three years. The data suggest that business investment is not growing due to the tension of the U.S.- China trade war.

We are currently long term bullish and short term 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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