The Week That Was Sees Stocks Trying To Start A Meaningful Rally

by Geoff Garbacz | 11/16/2018 6:54 PM
The Week That Was Sees Stocks Trying To Start A Meaningful Rally

The S&P 500 was higher for two days and lower on three days this past week after last week putting up three positive days.  The S&P 500 is off its October low at 2603.54 as it closed today at 2736.27. 

For the week, it fell from 2781.01 thanks to a nasty day on Monday where the S&P 500 dropped by -1.97%.

The advance/decline line was positive for three of the five days. The 10 day moving average is still positive at 51 but has struggled since moving positive on November 7th.

The S&P 500 is lower by -77.47 since putting in two days above +200.  

On a sector level, for the week only Utilities avoided a negative return. The sector that fell the most was Services which fell  -1.8% followed by Consumer Services that fell -1.7% and Conglomerates -1.6%. 

The larger market capitalization names are driving the sectors to positive returns. Small cap via the Russell 2000 this past week dropped -1.42% versus the S&P 500 return of -1.61%. 

In terms of asset class returns for the week, the iShares Barclays 20 Year Treasury Bond ETF (TLT) rose 1.19%. Meanwhile, the United States Oil Fund (ETF) lost -4.95% as it cannot find a bottom. For the year, it has given up all its gains and is up just 0.50%. 

Gold via SPDR Gold Shares ETF (GLD) gained 1.00% and closed near the high of the week at $115.62 today.

We have no open positions in Gold & Energy Options Trader currently but look to add this week.  There are no positions in Options Index Trader currently. 

No positions were added to the Superstock Investor Morning Matters Portfolio this past week and it remains with cash of 42% and is up 2.63% for the year versus the S&P 500 return of 2.34%.

The U.S. Dollar via the Powershares DB Bullish Index ETF (UUP) fell by -0.31% for the past week. Europe via the iShares MSCI EAFE Index Fund ETF (EFA) lost -0.71% for the week.  Last, Emerging Markets via the iShares MSCI Emerging Index Fund ETF (EEM) rose by 2.76% last week.

Stocks are still trying to find a low but the constant news flow of trade news and politics post Mid Terms is making a notable low a difficult thing to occur. Hopefully, next week can see a move to holiday trading that usually sees stocks move higher from Thanksgiving through Christmas.

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