July 21, 2017

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Hotline for July 17, 2017
July 17, 2017

Quartery earnings reports are upon us again

USIR Weekly Update Hotline


For Monday, July 17, 2017


Wishful Thinking or Wish Come True?


Stocks rallied across the board last week, not just the big cap techs. In the wake of the July Fourth holiday, the S&P 500 hit a new record high. The Nasdaq Composite that was battered last month rebounded close to its early-June peak. Both indexes now trade well above their ten-week moving averages.


Hopes are high that the current round of second-quarter earnings reports how underway will be very strong and drive stocks higher. That the Big Techs that were the only gainers during the spring are now on the rise from bargain prices. That the Fed wont lift interest rates as fast as many fear. Some investors even harbor hopes that the embattled White House can somehow deliver on at least some of its president's overblown campaign promises.


Yet last weeks sharp price gains came on weak, below-average trading volumenot a bullish sign. Hopefully its just the markets usual summer doldrums setting in. However, oil prices appear to be headed ominously lower. Geopolitical threats abound, at home and abroad. Stock price valuations remain elevated above historical norms, as noted in our just-released July 15 issue.


One normally bullish commentator warns investors to beware of the markets long and eerie ascent since last Novembers elections.


Our current bottom line: We foresee neither an economic downturn nor an outbreak of the inflation that concerns the Fed. Nor do we foresee a steep 5%-to-10% stock market correction. But the buying opportunities we do expect are primarily technology-drivenin sectors and product niches where rapid revenue and earnings growth offer the most reliable and enduring support for todays still-elevated share prices.


For further details about our stock picks and portfolios click to our newly-posted July 15 Issue. 


Stephen W. Quickel, Editor 

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