Good morning everyone
Happy Friday everyone! This morning the market has a bit bearishness as the majority of the earnings seem to be failing to impress investors. Both Asian and Euro markets were mixed overnight with a slightly bearish lean.
Overall our major indexes remain in a very tight range with sideways chop maintaining control. If you are struggling in this market you are not alone. Data showed that last quarter the hedge fund industry performed less than the S&P average due to this challenging environment. 28 billion flowed out of hedge funds last quarter which registering as the biggest number since the 2009 selloff. Significant outflows continued in the mutual funds as well last quarter. Obviously, this isn’t a big confidence builder in the overall market however we need to see better price action before making any major moves.
There are a couple Fed speakers today but no major economic reports. Keep in mind there will be a major jump in earnings reports next week. Perhaps we may get some better clues next week but for now, I want to remain very cautious and small as we head into the weekend.
Have an awesome weekend everyone.
Trade Wisely,
Doug
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