The markets finished the week with a couple of strong days Thursday and Friday. The only index that struggled was the small cap stocks in the IWM. META and MSFT earnings reports were received positively while AMZN had good numbers but then warned that its cloud business is slowing. AMZN stock popped up in the afterhours but finished down after that negative guidance.
The feds preferred measure of inflation, the PCE price index came out at 0.3% which was the expected number. GDP was cooler at 1.1% (2.0% expected) giving hope to the bulls that this coming week’s expected rate hike of 0.25% might be the last, at least for a while.
DOW, S&P and QQQ took out some resistance levels. With the VIX (fear index) going lower and therefore showing no big concerns about a hard sell-off, I remain in the bullish camp overall.
What to Watch for this Week:
Sectors in Play Last Week:
Earnings this week:
Brian (Randy) Pezim is a Canadian trader and investor, with a focus on swing trading equities as well as day trading.