Market opens lower to start the new week. But that’s something new. With gains on every trading day of the quarter’s first week, the S&P 500 heads into Monday riding a 7-day winning streak and the first 5-day winning streak to kick off a quarter since the beginning of 2018. Before that, 2010 was the last time this happened. But it’s important to remember that after that strong 2018 start, a massive correction ensued. That’s what we’ve been anticipating this Spring, but so far it’s been the complete opposite. Stocks just won’t go down. The IPO fever continues with the Pinterest roadshow this week. Interestingly, the Bankers are valuing the company below its most recent pricing, perhaps in response to the shaky LYFT start. There is a lot of supply of new stock coming to Market. Earnings Season begins this week, which could be the first quarter of contracting results since 2016. The banks kick it off later this week. Oil prices continue to move higher, with Brent and WTI hitting fresh 2019 highs overnight, at $70 and $63 respectively amid an escalation of violence in Libya, OPEC’s ongoing supply cuts, and U.S. sanctions against Iran and Venezuela. Reports keep circulating of progress on a pending trade deal, though details continue to be sparse. It’s impossible to know what’s already priced in here, but the Market has got to be already pricing in something. Brexit continues to be a confusing mess, though it’s already been delayed. President Trump sent another cabinet member packing. The Secretary of Homeland Security is out, making for over ¼ of the White House cabinet “acting” roles. The Market doesn’t seem to care, though tensions along the Southern border keep rising. There’s some red on the screen in early trading.
Have a great morning,