June 29, 2015
Weekly Market Outlook
By Keith Schneider
In a surprisingly eventful landmark week for President Obama, US Equities markets sold off yet again, after running hot the prior week. The SPY (S&P 500) moved back to the middle of its recent trading range while the Russell 2000 (IWM small to midcaps) the leading index, just pulled back slightly, to above recent support.
Obama's great week was led by two Landmark Supreme Court decisions from Gay Rights to Upholding Obamacare. Along with the new trade agreement with Pacific Rim countries, it was a trifecta.
The Pacific Rim trade agreement was approved this week, with help from Republican led Congress. Who woudda thunk all that, considering the recent midterm elections.
Regardless of your political bent, the bi-partisan cooperation was refreshing. The generally conservative Supreme Court (based on Monte Carlo simulations, not my opinion) leaned left. There again, Americans can be proud that the system so often thought as broken seems to be actually working for the moment. Even if you disagree with what the Supreme Court decided, the process worked and the new rulings will be the law.
Of course with Mr. Market being cynical, the concept of Capitol Hill actually getting something passed is generally perceived as a negative. God forbid those lawmakers get what they want into play.
The Greek drama continues to look bleak, and with a potential Brexit looming along with the heavy action in bonds, there's a lid on the broad based stock indexes around the world. Navigating the see-saw action in global equites may best be played thru select ETF's. The divergence between healthcare, transportation and the financial sector is glaring.
Check out this week's video as we focus on Sector ETF's.
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