Morning Minutes

Positive Bank Stress Test Results, Infrastructure Deal, and Strong Earnings



Building on yesterday’s gains in US markets, which included a 1.0% gain for the Dow, a 0.7% rise for the NASDAQ and a 1.3% surge for the Russell 2000, US index futures are up 0.1% to 0.3% this morning. Overseas, the Hang Seng climbed 1.4% and the FTSE is up 0.2% but the Dax is down 0.1%. Commodity action remains mixed with WTI crude oil down 0.3% and copper up 0.2%.

There have been a number of positive developments over the last 24 hours that have helped to boost interest in US stocks.

Yesterday’s afternoon rally in North America was sparked by news that the White House and Congressional leaders from both parties have all agreed to a new infrastructure package that includes about $580B in new spending split about evenly between transportation and non-transportation projects.

There also has been a lot of positive news on the corporate side. All 23 US banks passed their stress tests with flying colors, even in dire scenarios, opening the door for them to resume dividend payments and share buybacks. There also were several positive earnings reports including Nike ($0.93 vs street $0.51, FedEx ($5.01 vs street $4.99), and CarMax ($2.63 vs street $1.63). Also, Virgin Galactic received FAA approval to begin flights into space with paying passengers.  

New Video: SIA Wealth True Tacticaltm Webinar Replay

A replay of yesterday’s SIA Wealth webinar which included an introduction to True Tacticaltm investing, how capital rotates between markets, the benefits of relative strength analysis and how utilizing True Tacticaltm can benefit you and your clients is now available.  

GoToMeeting Version:

SIA Wealth In The Media

Chief Market Strategist Colin Cieszynski recently appeared on BNN Bloomberg where he discussed commodity prices, inflation, relative strength and tactical rotation within equity markets.

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

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