Today international concerns trumped domestic economic outlook as market movers.
— Today international concerns trumped domestic economic outlook as market movers, in that the market received encouraging reports on economic growth, jobs and housing. Stocks dropped back below the 2000 mark on renewed concerns over the conflict in Ukraine. The major indexes came off their highs as the chart above shows.
Reports came in today that the economy grew faster than previously thought in the second quarter, as the government revised the growth in GDP to 4.2%, up from an earlier estimate of a 4% annual rate. Also, note that weekly jobless claims fell by 1,000 to 298,000 last week.
In the banking world, shares of JP Morgan (JPM) dropped today after a news report was released that the bank, and possible four other banks, were hit by cyber attacks. The FBI said it was working with the U.S. Secret Service “to determine the scope” of the attacks. JPMorgan CEO Jamie Dimon said his bank spends about $200 million each year to protect it from cyber attacks, according to his April 2013 letter to shareholders.
In 2000, and in 2008, in the midst of apparent market expansion, Ulli’s methodology directed him and his clients to the safety of the sidelines just before the beginning of the brunt of the bear market. Ulli has written countless articles on investing and the very popular e-book “How to beat the S&P 500…with the S&P 500”
Ulli provides a rare blend of European sensibility, engineering practicality and American ingenuity to bring a new level of reliability to the often erratic environment of investing. He has applied his intelligence and creativity to refining a dependable method of tracking and working successfully with market trends, and he brings a genuine caring for people to his service as an investment adviser.
Release ID: 61179