While the Dow Jones Industrial Average has gained some 700 points since our last issue, our contributors and advisors, in general, remain bullish, as you can see from our Advisor Sentiment Barometer.
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Market Views
Still Room to Rise
As you can see, the leading indicator for the Dow Industrials still has room to rise further before it reaches the “major high area.” This means there’s more upside to come, and this will probably coincide with more “buyer’s excitement.” And if buyers then get frenzied, we could see stocks soar to levels most people aren’t expecting.
Remember, stocks often overshoot during bull markets and as this upmove keeps gaining momentum, it has all the ingredients for an upside surprise. Continue to enjoy the ride for as long as it lasts.
Mary Anne & Pamela Aden, The Aden Forecast, www.adenforecast.com, 305-395-6141, June 14, 2017
More Rally to Come
Despite the recent volatility and the pullback in the tech stocks, our outlook for stocks remains positive. The NYSE advance-decline line made a new high Friday, new lows are minimal, and new highs expand nicely on the rallies. Participation has improved with smaller- and mid-sized stocks playing catch up while growth maintains its leadership role. In short, the US stock market seems to be calmly working its way higher despite the madness in the news. In fact, I think that the ‘mini tech wreck’ will be good for the market as a whole, as it will get investors to turn their attention to other sectors, groups and stocks.
John Bollinger, The Bollinger Band Letter, www.bollingerbands.com, 310-798-8855, June 12, 2017
Ditto...
The Dow Industrials outperformed last week with a gain of 0.5%. The chart is at record highs and strength should continue. Given that momentum, the 14-day RSI can still climb further.
Medium-term breadth, the % 30-week moving average, maintains its recovery off trendline support. Friday saw internal expansion, adding confidence in the rally.
John Gray, Investors Intelligence, www.investorsintelligence.com, 914-632- 0422, June 19, 2017
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THE NEXT Wall Street’s Best Investments WILL BE PUBLISHED July 19, 2017
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