Well, heck. No sooner do I pen that likely nothing can harm stocks given their reaction to all heaped upon them the past month, Turkey is undergoing a military coup. The military is more of a secular Islam versus the current President's more hard line traditional brand. Given the utter garbage this fellow has spewed the past year this should be a positive.
Stocks are, however, down afterhours but I would not be surprised when the details about what this means versus the status quo that markets will try to recover.
In any event, the indices finished higher for the week though mixed Friday.
SP500 -2.01, -0.09%
NASDAQ -4.47, -0.09%
DJ30 10.14, 0.05%
SP400 -0.03%
RUTX 0.26%
SOX -0.08%
The economic data, as noted in the pre-close alert, was mixed. Overall, however, it has improved and as pondered in that last alert, the Fed cannot reasonably hold off rate hikes forever. That said, who says the Fed is reasonable? The rest of the world will not want the US hiking rates. Yellen, if anything, is pliable.
We did little as it was expiration Friday and the indices are sitting on a good run, testing a bit. We would prefer a bit more testing to move in again. After all, we did pick up some nice positions over the past couple of weeks and have banked some nice gain. We will look to do more of both.
That is about all I have to say about that.
Have a great weekend!
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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