In today’s briefing:
- Upgrading Financials to Market Weight; Shift to Value Continues. Buys in Energy, Financials, Mfg.
Upgrading Financials to Market Weight; Shift to Value Continues. Buys in Energy, Financials, Mfg.
- Fitch’s U.S. credit downgrade has done little to change the intermediate-term trend; we continue to believe the path of least resistance is higher for the major equity indexes.
- We remain bullish on the S&P 500, and we expect to see support at its 50-day MA moving forward (currently 4415).
- Short term supports we are watching include 4460-4475 on the S&P 500, $371.50 on the $QQQ, and $190-193 on the $IWM.
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