Friday April 17, 2015

// April 17th, 2015 // Daily News

S&P to start its correction today, analyst warns
Matt Clinch | @mattclinch81

CNBC.com
Bullish short-term traders might do well to take their foot off the gas Friday, with two technical analysts telling CNBC that major global benchmarks were set for a short correction over the next month.
Delving deep into the technicals, Yacine Kanoun, managing director at PivotHunters, a portfolio management firm based in the U.K., highlighted that Germany’s blue chip index, the DAX, has already dipped by 3 or 4 percent since last week.
He now expects further falls in the short term on both the DAX and the U.S. benchmark S&P 500.
“Definitely the market is going to correct here,” he told CNBC Friday. “I think the correction has started on the DAX, and the S&P 500 we are probably on the top today.”
He said the expiry of options contracts – a type of financial instrument – on Friday would herald the start of a correction in the U.S., which which would follow the German bourse lower over the next month and lose 10 percent from its current peak.
Meanwhile, Steve Miley, technical strategist at TheMarketChartist.com, also told CNBC Friday that the DAX would “likely correct further and go slightly lower into next week.”
He offered a bottom for the DAX of around 11,650 points, to occur sometime next week. This would mean a 6 percent drop from its peak of 12,374 points on April 10.
The index is currently at 11,998 points and has seen stellar gains of 22 percent this year on the back of quantitative easing by the European Central Bank. The S&P 500 is currently at 2,104 points and has edged 2.2 percent higher so far this year.
PivotHunters’ Kanoun spoke of a “convergence” between major global benchmarks this year, especially the S&P 500 and the DAX.
“Now they are in sync, from here I think they are going to move in parallel, ” he said. Miley expects the opposite for the S&P 500 and told CNBC that a “bullish leadership” could start to shift back to the U.S. and predicts new record highs into next week.
Miley expects the opposite for the S&P 500 and told CNBC that a “bullish leadership” could start to shift back to the U.S. and predicts new record highs into next week.

Today’s Inspiration

God Gives Us All We Need

by Joyce Meyer – posted April 17, 2015

And they who know Your name [who have experience and acquaintance with Your mercy] will lean on and confidently put their trust in You, for You, Lord, have not forsaken those who seek (inquire of and for) You [on the authority of God’s Word and the right of their necessity]. Psalm 9:10

In His Word God has given us the tools we need to help us through each new day. He has given us “the garment of praise for the spirit of heaviness” (Isaiah 61:3 KJV). So, when you wake up in the morning, decide that no matter what hap¬pens, you will not be depressed today.

Put on the garment of praise first thing in the morning. Listen to worshipful music, read the Word, and renew your thoughts to bring them into line with what God says you are —righteous and blessed. You can think right, talk right, and act right all day, if you spend time with God before trials come your way.

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