Weekly Market Report (26 / 06 / 2017)

In this entry we present you a reduced version of our weekly market report that we send to our premium service subscribers. Information on the positions of our portfolio and recommendations for specific actions have been deleted.
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Report:

The week is marked by events / important news. On Wednesday we have the projected sale of houses / homes, and the report of inventory of crude oil. For Thursday, the 3er estimated quarter of GDP is expected to show the projection of economic behavior in the third quarter. Also on Friday will show consumer price indices and personal income. In summary, these events could help determine if the formation of new highs will occur or we will have signs of regression.

The improvement in the price of oil and the support that Italy is giving its banks has caused the market in general, in particular the European is with a positive feeling, which is being transmitted to the US market.

Today the market started with the results of one of the macro events, a report of orders of perishable goods for the month of May, which was negative but does not seem to have affected the existing positivism in the pre-market.

One of the indicators that the market could confirm its upward trend is that new highs are formed associated with leading stocks including technological ones, crude oil prices and the positive impact of the energy sector.

Many analysts agree that the energy sector may have backed down only to rebound significantly to the upside. There are several news stories that support this thesis, among which are the reduction of inventories, production drop in certain important fields in Libya and geopolitical tensions in the Arabian Gulf.

Both the iron and steel industry ended up closing the week breaking the bearish trend and forming new highs of the last two months that continue consolidating in the pre market of today. The reason is the estimation of the infrastructure plans as the internal policies that will favor the steel industry.

Technological companies continue their recovery showing significant strength in leading stock prices such as AAPL, NVDA, NFLX, BABA and FB. Everything indicates that the decline was in the short term and that they continue their rise, although with a certain tone of caution since we have not yet seen new highs in the aforementioned leading actions.

(Reduced version)

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