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Replies to post #584515 on $Stock*Shop*Charts*News*Option$
02/13/17 10:38 AM
There were a lot of positive things that came together last week in addition to the president’s “phenomenal in terms of tax [policy]” statement. The Fed’s Bullard said interest rates can remain low through 2017, oil prices rebounded on stronger consumer and labor numbers, and China praised our president for wanting a “constructive relationship.” This week’s attentions will probably focus on the comments from a plethora of Fed speakers including two trips to Capitol Hill by Janet Yellen. Those comments could cause some market consternations, as could some of these observations about last week’s action: the FANGs did not leap, Friday saw the first hour of trading to the upside and the last hour to the downside from the session’s highs, Syria’s Assad told news sources that some refugees are definitely terrorists, Pat Buchanan told the president that he needs to break judicial power calling for Congress to start using Article III, Section 2 (https://www.law.cornell.edu/constitution/articleiii), and then there was this from the always insightful Jason Goepfert (SentimenTrader):
The rally's meek underpinnings. Stocks have rallied strongly over the past three months, but there have been few breadth thrusts. The S&P 500 has enjoyed a 65-day, 10% gain to new highs, but there have been only two days during that stretch that would qualify as a thrust. That's the weakest such rally since 1999.
Our models continue to suggest that it is unlikely this is going to be the beginning of a whole new up leg for the S&P 500. In fact, our models telegraph that the maximum upside from here for the SPX is 2330. That said, they also suggest no big downside collapse either.
