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Jeffrey Saut: The call for this week

* April 10, 2017

The SPX has basically been trapped in a trading range between 2335 and 2400 since mid-February of this year as the forces of “light and dark” battle. Meanwhile, as we drill down into the economic numbers, Andrew and I think the economy is just fine. However, last week Jamie Dimon (JP Morgan) and Larry Fink (Blackrock) warned about weakening U.S. economic stats, and on Friday the Atlanta Fed cut its 1Q17 GDP to +0.6% from +1.2%. That comes as 1Q17 earnings are expected to post their strongest gains in years. Indeed, confusing! To reiterate, “Maybe these conflicting signals will be resolved this week since the stock market’s internal energy has been rebuilt and our models are looking for a ‘polarity flip’”. This morning, the preopening futures are again flat as China’s nuclear envoy is in South Korea amid talk of President Trump’s potential action against North Korea. As stated on Friday, “Do not play unless absolutely necessary because the environment is extremely unpredictable.”

https://www.raymondjames.com/wealth-management/market-commentary-and-insights/investment-strategy

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