Stock Market Saeculum 1st Turning Underway

The market started the week at SPX 2192. After a gap up opening on Monday the SPX rallied to 2252 by Thursday. Then the largest pullback in a week took the SPX down to 2243 late Thursday, before the market rallied and closed at a SPX 2260 all time high on Friday. For the week the SPX/DOW gained 3.10%, and the NDX/NAZ gained 3.35%. Economic reports for the week were light and leaned positive. On the downtick: consumer credit, wholesale inventories, the Q4 GDP estimate, plus the trade deficit increased. On the uptick: ISM services, factory orders, consumer sentiment, the WLEI and weekly jobless claims improved. Next week’s reports will be highlighted by the FOMC, retail sales and industrial production. Best to your week!