May 29, 2017 The Week Ahead
Another week… another all-time high. That’s what it feels like for market participants as the market continues to slowly push higher. It’s been 231 trading days without having a 5% drawdown from our peak, making this the longest streak since 1996.
What will give?
It seems like the media is trying its best to portray the President and his regime a failure. But traders and investors are playing a different tune. That said, a large chunk of the earnings are behind us and we are entering the slow days of summer.
After climbing above 15 a couple weeks ago, the VIX is now below 10, after closing at 9.81 on Friday.
Here are how some of the most popular ETF Indices performed: SPDR S&P 500 ETF (SPY) +1.43%, iShares Russell 2000 (IWM) +1.11%, SPDR Dow Jones Industrials Average ETF (DIA) +1.33%, and PowerShares QQQ ETF (QQQ) +2.45%
Oil prices fell during the week, in a classic– buy the rumor and sell the news scenario following the OPEC meeting.
Here are how some futures/commodity related ETF’s performed: United States Oil Fund (USO) -1.91%, iShares 20+ Year Treasury Bond (TLT) -0.19%, SPDR Gold Shares (GLD) +0.95%.
No trading on Monday in observance of Memorial Day.
Below you’ll find what is else is on the schedule for the week:
Key Economic Data:
30 May 2017- Personal Income and Outlays 8:30 AM ET
01 June 2017- Jobless Claims 8:30 AM ET; ISM Manufacturing Index 10:00 AM ET; EIA Petroleum Status Report 11:00 AM ET
02 June 2017- Employment Situation 8:30 AM ET; International Trade 8:30 AM ET
Key Earnings:
30 May 2017- ENS
31 May 2017- KORS, VRA, BOX, HPE, PANW, SMTC, OLLI
01 June 2017- CIEN, DG, EXPR, AVGO, BOOT, GWRE, LULU, VMW, WDAY, ZUMZ
02 June 2017- HOV
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