June 3, 2017 The Week Ahead

This year has been about two narratives:

1. President Trump is a disaster.
2. The stock market continues to break all-time highs, week-after-week.

It’s been 231 trading days without having a 5% drawdown from our peak, making this the longest streak since 1996.

The thing is, trading volumes are drying up as we enter the summer months and most of Q1 earnings releases are out.

Markets could continue to grind higher despite being at highs.

The VIX closed below 10 for the second straight week, an indication that the markets are fearless.

Here is how some of the most traded ETFs performed over the week: SPDR S&P 500 ETF (SPY) +1.00%, iShares Russell 2000 (IWM) +1.65%, SPDR Dow Jones Industrials Average ETF (DIA) +0.63%, and PowerShares QQQ ETF (QQQ) +1.77%

Here is how some futures/commodity related ETF’s performed over the week: United States Oil Fund (USO) -1.79%, iShares 20+ Year Treasury Bond (TLT) +1.91%, SPDR Gold Shares (GLD) +1.78%.

It’s a slow week in terms of economic data and earnings. That said, Apple is hosting its worldwide developers conference in San Jose from June 5 to the 9th. An event that should garner strong media attention.

Below you’ll find what is else is on the schedule for the week:

Key Economic Data:
07 June 2017- EIA Petroleum Status Report 10:30 AM ET
08 June 2017- Jobless Claims 8:30 AM ET

Key Earnings:
05 June 2017- ASNA, COUP, THO
06 June 2017- CONN, CSIQ, FRAN, FRED, HDS, LE, MIK, AMBA, DLTH, KEYS, PLAY, SIGM, UNFI
07 June 2017- NAV, ABM, MIND, ONVO, TLRD, VRNT
08 June 2017- CMD, DVMT, FCEL, SJM, VNCE, PAY

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