STOCK MARKET UPDATE

Updated following  each market day

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Market Outlook

The popular averages turned back to the downside on Thursday ahead of a three-day weekend. The monthly and weekly employment data were close to expectations. May factory orders declined more than expected. On Sunday the Greeks will vote on a bailout proposal. Meanwhile the prices of crude oil and gold fell on Thursday.


   In the American automaker sector, Ford (F -0.8%) is recalling 432,000 cars to fix a software problem. General Motors (GM +0.6%) will discontinue production in Russia due to waning demand. Tesla Motors (TSLA +4.0%) reported record deliveries in the second quarter. Below is the video review of the Tesla Model S P85D by Kelley Blue Book.


    Above is my 3-month chart of the S&P 500 exchange traded fund (SPY). The push above the 50-day moving average after Easter was welcome. The choppy action during late April and early May might have been unsettling, but the price pushing back above the 50-day MA average kept me optimistic. The record closing high on May 21 may have validated that mindset. The approach on May 26 back toward the MA caused a slight frown, but the rebound on May 27 while the Nasdaq set a record elicited a big smile. Oscillations around the 50-day MA in early and mid-June may have seemed frustrating. But in the process record highs were set on June 22 and 23 by some of the indices. The correction that followed brought the SPY price down to the 200-day moving average which proved to be support on Tuesday. The continuation upward on Wednesday kept me in a good mood. The modest decline on Thursday was not enough to cause me concern. Happy Fourth of July!


DISCLAIMER: Our commentaries are provided as general information and not investment recommendations. You are responsible for your own investment decisions. Our opinions are based on historical research and data believed to be reliable. There is no guarantee that results will be profitable. We are not responsible for errors or omissions. We may hold positions in vehicles that are mentioned.

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© Curt Renz

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