Please enable javascript in your browser to view this site!

Range-bound consolidation continues into Election

The pullback in US Stocks seems to have been largely Crude related and after getting down to near key near-term support, 2338..managed to rally about 7 handles in the last 45 mins.  It’s still right to await the resolution of this trading range before getting too aggressive and little to no end thus far of this consolidation which has been intact since mid-February.   Most of Europe ended with small positive gains..  (.07% + in SX5E) while France’s CAC down 0.31%.  but arguably European stocks very well might not be pricing in the chance of a LePen victory and the Macron/LePen margin stands at only around ½%  so very tight race indeed which in the US< caused some uncertainty based selling ahead of trump’s win.    -  UK retail sales showing biggest quarterly fall since 2010 while Eurozone PMI  hit the highest level in 6 years in April’s data.. so some mixed economic data.  But just fractional change in indices globally ahead of European election results, NASDAQ a minor positive today and NKY up 1%.  Breadth is about 3/2 negative..  Utilities leading all sectors, despite today's weakness early on,  higher by nearly 0.70%% while Technology also in the GREEN with gainers such as MSFT (+1.5%), SYMC, HRS, INTC.  Industrials also strengthening with good results and rallies from ROK, SWK, HON.  Meanwhile, Energy leading all sectors to the downside today while Financials and healthcare down around .50%.  S&P gainers today-  ROK, SWK, HON, TSO, NEE, MSFT, VLO, CSX, while on downside-  MAT, URI, FCX, NOV, AN, MCK, CBT, SLB, BHI, KORS-   Let me know if I an answer any questions.  Have a nice weekend.