Mike’s Morning Brief – May 10, 2016

Market opens higher as stocks continue to trade in sideways action around the break-even point on the year.  In fact the S&P closed yesterday exactly where it closed out 2014.  Despite wide swings of volatility, the US Stock Market has effectively gone nowhere.  The second longest Bull Market in history has been correcting and in consolidation mode.  Leadership has rotated time and again, with many sectors that have soared got clobbered then rally and then hit again.  Energy and Biotech’s are examples.  So where are we headed?  Earnings Season was so-so.  The Fed seems committed to another rate hike.  The global economy remains sluggish.  The ECB and BOJ seem committed to defending Europe and Japan.  Oil seems committed to $40.  The Saudi’s seem committed to driving others out of the Market.  Terrorist seem committed to terror.  Washington seems committed to uncertainty and instability.  All of this reflects a Market that grinds.  Expect it to continue.

Have a Great Day.


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