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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Chip McVickar who wrote (19058)	4/20/2017 2:20:44 PM
From: John Pitera	1 Recommendation Recommended By mary-ally-smith Read Replies (2) of 33421

Hi Chip, The SPX never has wanted to stray very far below the 2341 number that I have had on my Fibonacci work... The market definitely likes to here positive potential news on Tax reform and health care.... Europe had a stronger close and the TNX yield was moving higher today.... a positive. believe time wise it'll take until first few days of May to know if the upside has any legs I'm sure we shall know a lot by then..... Bob Furman's market internals calculations have been looking quite bullish the past week.. especially starting after Easter. This was from prior to Today's session..... Equity Markets1. Before the oil-related selloff, equity risk aversion measures were easing. Let’s see what happens on Thursday. • The vol curve almost returned to contango. • The CS Fear Index declined. 3. Retail shares have bottomed as “value” investors step in. 7. Flows into international equity ETFs remain solid for both developed and emerging markets. Source: Credit Suisse 8. As discussed previously, the S&P 500 earnings projections for the next few years seem a bit aggressive. Without a meaningful boost to the GDP growth, these number will be more difficult to attain. Source: JPMorgan Asset Management 9. Finally, this chart provides the split between dividends and capital appreciation of the S&P 500 returns since 1926. Source: JPMorgan Asset Management John

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