View From The Hill: May-12-2016

Posted on Posted in Views From The Hill
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Yesterday, we saw signs of weakness from consumer and retail bellwethers, Disney (DIS); Macy’s (M) and Fossil (FOSL). Although still at historically low levels, today’s unexpected increase in Jobless Claims (week of May-7-2016) @ 294k vs. consensus @ 267k and previous @ 274k, along with a 10k plus uptick in its 4-week moving average, stirred anxiety over the U.S. economy.

 

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For the most part, the stock market took it on the chin today and was left standing relatively unchanged. In fact, the S&P 500 (SPY) successfully tested support at its 50-day moving average for the second time over the last six trading sessions. The DJ-30 Industrials (DIA) are also holding the line, while the Nasdaq-100 (QQQ) and Russell-2000 (IWM) are having difficulty reclaiming their uptrends. I believe what we are really witnessing is a shift away from growth and towards value.

No further comments this evening….

 

 

(Please see our ETF asset class performance summary below)

 

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