Capital Trading Group

Alternative Investments within Managed Futures

What will Happen when the Market has a Down Year?

Posted by Capital Trading Group on Jul 17, 2018 11:55:20 AM

Global equity markets continued to advance. Last week’s newsletter noted the importance of closing the week above the all-important 2750 level in the EMINI SP500 Sept contract. We knew this level was huge considering the close below on June 29th sent the contract below our 7-week moving average and was on the cusp of losing further ground. But all tariff worries aside, all geopolitical NATO posturing aside, the equity markets continued their advance on the tailwinds of massive continued corporate buybacks. Before we get into the markets, let's dig into a few notable names from last week. Wells Fargo saw Q2 profits sink 11% on weakness in their main business units as well as ongoing costs related to their terrible mismanagement of corporate integrity. Their shares fell 1.2% to $55.36 on Friday. On the flipside PNC Financial Services Group saw profits jump 24% to $1.35 billion. Shares rose 33 cents to $138.42. JPMorgan and Citigroup also posted double digit profits as borrowing rose. So, it seems the flat yield curve hasn’t shown up in the earnings. (yet)

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Topics: NASDAQ, SP500, Equity Markets, Equity Fund Flows, Chinese Shadow Banking, Corporate Buy Backs

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