Craig Johnson’s

Financial Markets Summary

Thursday, June 15, 2017

  • After a sharp sell-off in technology on Friday, especially semiconductor stocks and with minor follow through on Monday, stocks finally found their footing. Stock prices managed to strengthen and rally on Tuesday.
  • Hesitant trading on Wednesday prior to the conclusion of the Federal Open Market Committee turned to selling as the meeting ended and the statement and press conference followed. The selling eliminated most if not all of the bounce that occurred after Friday’s action. Stocks did recover some of the decline from the day’s lows by the close of trading.
  • Friday is quadruple witching expiration when stock options, index options, stock futures and index futures all expire.
  • In a repeat of last week, oil dropped sharply following the release of the oil inventories report by the Department of Energy.
  • Oil’s recent decline has extended to four consecutive weeks, and has fallen to the area of the spike low in price recorded in early May. Prior to that low, the previous low took place in November.
  • Gold’s five consecutive weeks of gains came to an end last week. Gold is down so far this week. The intermediate and long term downtrends remain dominant while overshadowing the shorter term move higher from the December lows.

 


Sources: bankrate.com, bloomberg.com, briefing.com, Dow Jones News, Financial Times, finviz.com, Investor's Business Daily, marketwatch.com, seekingalpha.com, Thomson Reuters/First Call, U.S. Dept of Treasury, yahoo.com and individual company web sites and press releases.  

Leonetti & Associates, LLC views or opinions are as of a certain date and subject to change without notice.  The material contained herein is for informational purposes only and obtained from sources we consider reliable. We make no guarantee as to its accuracy or completeness.  References to specific securities and industries/sectors should not be considered recommendations to buy or sell any security or advisory service.  Past performance is not a guarantee of future results.

 

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