Welcome to this week’s edition of The Growth Stock Report!
This week’s report will be short due to holiday activities.
Our current position:
MARKET IN LIMBO
The market’s condition is relatively the same as where we left off last week.
We have more accumulation notched in on the major indexes, though are skeptical due to high volume at the end of rallies often being a sign of the wrong way crowd jumping on too late.
More to come soon!
Have a GREAT weekend, we know we will!
What Was Important About Last Week:
- There were no major earnings reports made for the week.
- The Federal Reserve sees signs of stagflation, though believes it to be temporary.
- The National Association of Realtors said sales of pre-owned homes, the biggest part of the housing market, rose in April to an annualized rate of 7.18 million units. This is the highest on record.
- New home sales rose 0.2% in April to an annual rate of 1.316 million. This is the highest level ever recorded. New home sales are up 13.3% for the last 12 months
- Real GDP was revised upward to a 3.5% annualized rate for Q1. The originally report cited a 3.1% gain. Real GDP has grown faster than its 20-year average for eight consecutive quarters.
- Durable goods orders were up 1.9% in April. Defense orders declined 18.7%, transportation orders increased 8.2%, but computer and electronic product orders fell 5.8%. However, non-defense capital goods orders, excluding aircraft, increased by 1.6% in April and are 9.3% higher than a year ago.
- Personal income rose 0.7% in April, this is the biggest gain since December.
Key earnings releases:
- MONDAY: none
Hovnanian Enterprises, Inc. (HOV), Ryanair Holdings (RYAAY)
- WEDNESDAY: Joy Global Inc. (JOYG)
- THURSDAY: none
- FRIDAY: none
On the economic front we have potential market movers with:
- MONDAY: none
- TUESDAY: Chicago PMI, Consumer Confidence
- WEDNESDAY: Auto Sales, Truck Sales, Construction Spending, ISM Index
- THURSDAY: Initial Claims, Productivity-Rev., Factory Orders,
- FRIDAY: Average Workweek, Hourly Earnings, Nonfarm Payrolls, Unemployment Rate, ISM Services
This Week’s Scans:
This Week’s Word On Discipline:
“Your own mind is a sacred enclosure into which nothing harmful can enter except by your promotion.” — Ralph Waldo Emerson
Past Performance Is Not Indicative of Future Returns. All commentary provided
by The Growth Stock Report is for educational purposes only. The analysts and
employees or affiliates of The Growth Stock Report may hold positions in the
stocks or industries discussed here. This information is NOT a recommendation
or solicitation to buy or sell any securities. Your use of this and all information
contained in The Growth Stock Report is governed by the Terms and Conditions
of Use. Opinions expressed are our present opinions only. This material is based
upon information that we consider reliable, but we do not represent that it
is accurate or complete, and that it should be relied upon, as such.