ETF Tracker Newsletter For April 21, 2017
ETF Tracker StatSheet
EQUITIES UP FOR THE WEEK BUT SLIPPING BEFORE THE FRENCH ELECTIONS
[Chart courtesy of MarketWatch.com]
- Moving the Markets
Cautiousness prevailed prior to the closely contested 1st round of the French elections this weekend with equities pulling back but showing green numbers for the week as the S&P 500 gained +0.86%.
ZH summed the past 5 trading days up nicely by observing:
- Transportation sector best week in 4 months
- Small Caps best week in 4 months
- Nasdaq best week in 2 months
- S&P 500 best week in 2 months
- Dow best week in 7 weeks
On the other hand, bad news, like the biggest drop in US Macro Data in 6 years, was simply ignored and not reported by MSM. News from Trump at mid-day about his “greatest tax cut ever” caused a quick rebound, which was pretty much erased by day’s end.
The yield on the 10-year Treasury remained unchanged from yesterday but ended lower for the week. The dollar index inched higher but remains below its psychologically important 100 level. Gold gained a tad after being slammed 3 times this week but is still attempting to break through its 1,300 glass ceiling.
All eyes are on the French elections, the outcome of which can be “market moving” even though it’s only round one of two, with number two being on deck in 2 weeks.