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Market Updates

Morning Commentary

May 1st, 2019

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Headline news:

Wall Street is set to open higher today after good first-quarter earnings reports. Apple (AAPL) was higher by 5% in pre-market along with Advanced Micro devices (AMD) which were higher by 5.1%. Investors were encouraged by yesterday reports, and they are set to move the S&P 500 up to another all-time trading high today at the open.

Markets:

The S&P 500 did have a good follow-through trading day with better than average volume. However, RSI remains overbought which could potentially limit a big upside move. The long-term trend is still higher, but we will be cautious short term due to the index being extended and having moved higher over 25% since the 12/24/2018 low.

Economy:

Today the Federal Reserve is expecting to resist pressure from President Trump to cut interest rates. The President is calling for a 1% cut in overnight lending rate, but the FOMC is expected to leave rates unchanged at the end of their meeting today.

We are currently long term bullish with short term caution.

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, onions 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 NASDAQ Composite is a stock market index of the common stocks and similar securities listed on the NASDAQ stock market.

 

 

 

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