Week In Review – July 13

Summary

  • Italy and euro periphery continue to stabilize
  • Turkey 10-year rates still blowing out, up almost 600 bps YTD
  • U.S. corporate credit spreads tighter on the week
  • Argentina IMF program starting to take hold as currency 6 percent stronger in July
  • Most global stock indices having a decent month
  • VIX back down to a 12 handle
  • Commodities weak.  Keep copper on the radar

Commentary:  The S&P closed the week at its highest level since January correction. There have not been three consecutive green weekly candlesticks since January highs, however.   It feels the S&P is ready to break above the critical 2802 level as earnings season kicks into high gear.  Already up over 3 percent in July, so history suggests not much juice left in the battery.

Inflation probably running hotter than expected.  Watch to see if Chairman Powell throws some shade on the market.

The market also thinks the “trade war” is nothing more than virtual reality.   Tell that to the farmers.

Week_Chart1

 

Week_Chart2

 

Week_2018_ETFs

 

Week_Table

This entry was posted in Uncategorized, Week in Review and tagged , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.