have you set your stop loss now that spxs is 14.88 or you follow another strategy? if not a secret)
"Elusive S&P record looms as investors weigh data, Fed
Reuters By Lewis Krauskopf
6 hours ago
A man passes by the New York Stock Exchange during a rain storm in New York .
A man passes by the New York Stock Exchange during a rain storm in New York February 24, 2016. REUTERS/Brendan …
By Lewis Krauskopf
Wall St. pushed down by Fed jitters, weak China data Reuters
GLOBAL MARKETS-Stocks give up gains as Fed concerns weigh Reuters
Stocks down with markets on Fed watch; oil falls Reuters
Stocks close higher as investors parse Fed's next move Los Angeles Times
Wall Street ends down after Fed stokes global economic fears Reuters
NEW YORK (Reuters) - With the S&P 500 again coming close to a record this week before falling back, investors will turn next week to a full slate of economic data and a Federal Reserve meeting in hope of fresh reasons whether to drive stocks to new highs.
The benchmark large-cap index flirted with the current record when a rally to start the week brought it to its highest in about 11 months. But the run fizzled on Thursday and Friday, making it the latest time the index has climbed above 2,100 before falling back from the May 21, 2015 closing record of 2,130.82.
"Equities are having a difficult time finding a rationale to punch through to a new high," said Peter Kenny, senior market strategist at Global Markets Advisory Group in Berkeley Heights, New Jersey.
Next week brings the release of important U.S. economic data, including retail sales and inflation.
"We need to see something consistently good or bad to move the markets in a direction," said Peter Costa, president of Empire Executions. "Right now we haven’t got that."
With the S&P 500 closing south of 2,100 this week after touching 2,120 earlier, Katie Stockton, chief technical strategist at BTIG in New York, sees the move as a failed attempt of a breakout that is setting the index for further declines.
“Tested twice, three times, makes it more obvious
agree in part . 10 bond is long term strategic indicator. SPXS is contango-ed short term tooll. i would not hold it more than 15.5 in close future
YELLEN'S TELLING: In a speech, Federal Reserve Chair Janet Yellen said the U.S. economy is improving, but it's marked by so many uncertainties that it's not clear when the Fed should resume raising interest rates.
Her remarks come after the government released a surprisingly weak May jobs report on Friday. Yellen, who called that report "disappointing," had said recently that the Fed would probably raise interest rates in the next few months if the economy kept getting stronger. Now investors are less sure of the Fed's plans. The central bank's policymakers will meet next week.
THE QUOTE: Investment manager Luke Bartholomew of Aberdeen Asset Management said Yellen was noncommittal and investors may have been hoping for more details.
"I don't think there was enough to sort of swing the market either way," he said. Stocks weakened during Yellen's remarks but have returned to their prior levels.
imho with mixed market signals and 7 years of market pumping up w/o usual 4.5-year cycle "reset" action, one may expect a reasonable bear roar sometime later this year.
"Briefing.com - June 03, 2016
A weaker-than-expected Nonfarm Payrolls report at 38K vs. the 155K Briefing.com consensus has resulted in some market swings, as follows:Treasuries have rallied sending yields lower; 10-year yield is now -0.078 at 1.733%The dollar has declined by 0.9% against a basket of currencies; the dollar is currently -0.9% vs. the euro at $1.125.Equities are now indicated lower with S&P futures lower by 7 points (-0.3%)Precious metals are bid, with gold now +2.0% (+23.3 at $1236/oz)Crude oil is lower by 0.6% in response (-0.32 at 48.85).This data argues against a rate hike in June, and should also decrease the odds of a July hike. The various market reactions suggest the same"