The Strength of the Market is: Strong
The roller-coaster ride continued for another week. This time, a crash in Bitcoin/Cryptocurrency prices caused traditional financial markets (stocks & bonds) to have a few big swings up and down - keeping investors buckled-in. Today, the wild ride from the last two weeks is smoothing out and the economy is ready to go for the upcoming Memorial Day weekend.
Economic reports from last week came back mostly negative:
•Manufacturing (New York) - worse than expectation •Manufacturing (Philadelphia) - worse than expectation •New Housing Construction - worse than expectation •Existing Home Sales - worse than expectation •Jobless Claims - better than expectation
This week, investors will look for guidance from economic reports like National Activity, Consumer Confidence & Sentiment, New & Pending Home Sales, Single-Family House Prices, Manufacturing and Jobless Claims.