Contributors remain positive on a variety of industries, beginning with our Spotlight Stock, a giant in the telecom sector that is poised to greatly benefit from cutting-edge tech developments like the mass-market adoption of the Internet of Things and the coming 5G rollout.
295—WSBDS
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Market Views
Still Looking Up
There was some weird action in the early going. The Dow was up, but then started selling off after the first 5 minutes, and eventually got to minus 145 before turning.
The first day of the quarter frequently sees some strange action as portfolio managers make changes they didn’t want to make before the end of the last quarter.
The month of April has been higher in 9 of the last 10 years with an average gain of 2.5% for the S&P 500. It is one of the stronger months.
I am a bit concerned that the NASDAQ Composite recently turned down from an overbought condition (arrow). But, I do think that the majority of indicators are still looking up. Top picking gauges are not as reliable as bottom spotters.
Stephen Todd, Todd Market Forecast, www.toddmarketforecast.com, 909-338-8354, April 3, 2017
Staying Bullish
The U.S. stock market and the dollar both bounced up from their lows reached on Monday with better economic news. Gold and especially silver held up well considering, and so did bonds.
The tech stocks continue to plow ahead with Nasdaq hitting another record high today. Our tech stocks are doing great; perhaps they’re leading the market out of the past month’s slump. Nasdaq will remain very strong above its 15-week average at 5700, and the Transports will confirm this strength by rising and staying above its average at 9250. Keep your positions, the bull market is ongoing.
Mary Anne & Pamela Aden, The Aden Forecast, www.adenforecast.com, 305-395-6141, March 30, 2017
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THE NEXT Wall Street’s Best Dividend Stocks WILL BE PUBLISHED May 10, 2017
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