HI Financial Services Mid-Week Commentary 05-19-2015
“It (a default event) is on the cards, it’s been on the cards for ages but the key is this: Greece is like a horse with three broken legs. The only discussion is about who is going to shoot it, “Philippa Malmgren, founder of consultancy DRPM Group, told CNBC Europe’s “Squawk Box” Monday.”
What’s happening this week and why?
NAHB Housing Market Index 54 vs est 57
Housing Starts 1135 vs est 1019 and revisions to 944 from 926 last month
Building Permits 1143 vs est 1065
Company expansion – New Employees, Building new sites, Spending money on infrastructure
Records highs don’t mean a lot !!!! The new record highs on the S&P 500 is 10 points or less than 0.5%
Where will our market end this week?
Slow grind higher but last day of volume will be Thursday with it being the Memorial Day weekend.
DJIA – Technically speaking we are bullish
SPX – Technically speaking we are bullish
COMP – Technically speaking we are bullish
Where Will the SPX end May 2015?
05-19-2015 UP 2% for the month
05-12-2015 Sell in May and go away down 3 to 6% 2050 level
05-05-2015 Sell in May and go away down 3 to 6% 2050 level
04-28-2015 Sell in May and go away down 3 to 6% 2050 level
What is on tap for the rest of the week?=
Tues: DKS, HD, QIHU, WMT
Wed: AEO, HRL, LOW, NTAP, SHLD, SPLS, TGT
Thur: ARO, CRMT, BBY, BKE, DLTR, GPS, HPQ, LGT, ROST,
Fri: ANN, CPB, DE, FL
Tues: Housing Starts, Building Permits
Wed: MBA, Crude, FMOC Minutes
Thur: Initial Claims, Continuing Claims, Existing Home Sales, Phil Fed, Leading Indicators
Fri: CPI, Core CPI
Wed – GB: BOE Minutes, JP: All Industry Index
Thursday – JP: BOJ Announcement, PMI Manufacturing, CN: PMI Flash Mfg Index
Friday – DE:FR:EMU: PMI Composite
Sunday – JP: Tertiary Index
How I am looking to trade?
Positions expired to change the Collars and Protective puts that I was in. Right now I am in mostly stock ownership with leap short calls as a little downside protection.
www.myhurleyinvestment.com = Blogsite
Article Links can be followed by being a Twitter follower @kevinmhurley