Author: Veera Manju

Won Europe Today

Posted on by Veera Manju

Yesterday,

  • European markets were unusually calm and closed in the red as investors await clues from the U.S. Federal Reserve on its policy direction.

  • The Stoxx 600 was down by 0.09%. Banks and Utilities were the top performing sectors while Airlines, Telecommunications, and Industrial Goods & Services performed poorly.

  • Among other major indices, Germany’s DAX was down by 0.09%, on higher volume, while France’s CAC 40 and the U.K.’s FTSE rose 0.43% and 0.16%, respectively, on lower volume.

  • France, the U.K., Denmark, Switzerland, and Italy were the five countries in positive zone. There was no status change for any country.

Won Global View

Posted on by Veera Manju

The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq remain rangebound, trading relatively flat over the past week. The Nasdaq briefly recaptured its 50-DMA (7,857) due to strength across multiple mega-cap tech stocks before falling back below that level by session close. Thus far, the uptrend remains intact as both major averages continue to hold up with no distribution days.

Won Global View

Posted on by Veera Manju

The U.S. market is in a Confirmed Uptrend.The S&P 500 and Nasdaq continue to consolidate gains, trading relatively flat over the last several sessions. We have yet to see meaningful price progression since the June 7 follow-through day that would give us more conviction in the current rally. We would like to see the Nasdaq regain its 50-DMA which continues to act as resistance.

Won Europe Today

Posted on by Veera Manju

Yesterday,

  • European markets closed in the red. Robust U.S. retail sales data suggested the economy is strong enough to go without an interest rate cut and this pushed the stocks down.

  • The Stoxx 600 closed 0.40% lower. The top performing sectors were Industrial Goods and Services, Energy and Utilities. The worst performing sectors were Telecommunications and Technology.

  • Among other major indices, Germany’s DAX and the U.K.’s FTSE were down by 0.60% and 0.31%, respectively, on higher volume, while France’s CAC 40 fell 0.15% on lower volume.

  • Elsewhere in Europe, only Norway was in positive territory and there was no status change for any of the countries.

Won Europe Today

Posted on by Veera Manju

We released our European Weekly summary yesterday (please click here to access the report).

We released our weekly Global Laggards report yesterday (please click here to access the report). The stocks highlighted in this report are laggards relative to their own domestic markets. We recommend that they be underweighted as they may be vulnerable to further downside risk and underperformance. European names highlighted this week include Mineral Resources (MIN.AU; MIN:AU), Crown Resorts (CWN.AU; CWN:AU), Oil Search (OSH.AU; OSH:AU), Iss (ISS.DK; ISS:DC), Fresenius Med.Care (Xet) (FMEX.DE; FME:GR), and Deutsche Post (Xet) (DPWX.DE; DPW:GR).

Won Global View

Posted on by Veera Manju

The U.S. market is in a Confirmed Uptrend.The S&P 500 and Nasdaq continue to consolidate gains, trading relatively flat over the last several sessions. The S&P 500 continues to hold support at its 50-DMA, while the Nasdaq is still finding resistance at that level.

Won Global View

Posted on by Veera Manju

The U.S. market is in a Confirmed Uptrend.The S&P 500 and Nasdaq closed relatively flat yesterday after reversing off early session gains for a second straight day. Thus far, both indices look to be consolidating sharp gains over the past week. To remain constructive, indices will need to continue avoiding distribution and leading ideas will need to hold above near-term price or moving average support levels.

Won Europe Today

Posted on by Veera Manju

Yesterday, most European markets finished trading in the green for the third consecutive day, with most sectors gaining. Unlike the first two days of the rally, there was good volume support. German shares were leading the rally with a post-holiday catch up and fresh stimulus for the Chinese economy boosted the Basic Resources sector. The U.K.’s FTSE 100 and France’s CAC were up 0.29% and 0.48%, respectively, on higher volume. The German market was up by 0.93% on higher volume.

  • The Stoxx 600 was up 0.70%, with higher volume.
  • Most major sectors performed well on Friday. Chemicals and trade-sensitive Automobile & Parts were the biggest gainers.
  • Spain was the only country that closed in negative territory.
  • We changed the market status of Finland, Austria, and Luxembourg to a Confirmed Uptrend after a follow-through day. We also moved Switzerland to a Confirmed Uptrend after the index reached its prior high.

Won Europe Today

Posted on by Veera Manju

Yesterday, most European markets finished trading in the green, with most sectors gaining, but lacked volume support. The deal between the U.S. and Mexico to avert tariff on trade and chances of a revival of merger talks between the FCA (FCA.IT; FCA:IM)and Renault (RENU.FR; RNO:FP) helped the market. The U.K.’s FTSE 100 and France’s CAC were up 0.59% and 0.34%, respectively, on lower volume. The German market was closed.

  • The Stoxx 600 was up 0.21%, with lower volume.
  • Most major sectors performed well on Friday. Banks and Automobile & Parts were the biggest gainers.
  • Luxembourg was the only country that closed in negative territory.

Won Global View

Posted on by Veera Manju

The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq closed positive yesterday, despite reversing off session highs. Much of the reversal can be attributed to profit taking, given the sharp five-day rally off lows. We would like to see the market continue to inch higher back toward all-time highs, making instant progress post last week’s follow-through day. This action would fall in line with prior successful first follow-through days. If, however, the market begins to pull back, look for distribution to be avoided and for recent breakouts to hold above their respective pivot points.