Great news for investors came last week as the main indexes did NOT suffer any new Distribution Days (professional selling) in the first 3 days after the market resumed its uptrend on Monday.
Brace yourselves for an action packed week!
Today the SP500 & Nasdaq gained ground as the “first day of the month” new inestment inflows supported stocks along with the news that the US Government avoided a shut-down over the weekend. It was postponed until September.
The Fed meeting begins on Tuesday and culminates with an interest rate announcement at 2pm on Wednesday. Most expect the next rate hike to happen in June.
Wednesday also may feature a second attempt by Congress to vote to repeal the Affordable Care Act. This would send many industries stocks into “motion”.
And finally, as if that wasn’t exciting enough, the main election in France will be held on Sunday the 7th. All of this is creating a sort of “melt-up” in the markets as “short” position speculators are becoming more uncomfortable and are being forced to buy-in to close out their short positions to keep their losses from expanding.
As long as there are no surprises along the popularly held beliefs of the Fed rate decision and the vote in France, investors should do well and our light will remain green.
Have a Triumphant day!
The information in this article is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Not to be used as legal or tax advice.
©2017 Triumphant Portfolio Management, LLC.