·       The S&P 500 rallied a bit during the trading session on Thursday, reaching towards the 2860 handle. The market down sellers at that level yet again, as it has been resistive for the past several days. By doing so, I think we are trying to consolidate underneath this resistance to continue to go higher. However, if we do pull back from here it’s likely that there should be plenty of support at 2850, and then again at 2825. I believe that there is a massive floor underneath at the 2800 level, and if we were to break down below there would be extraordinarily negative for the stock market. This will probably coincide with some type of geopolitical issue or perhaps even major “risk off” event, probably described as fears of the trade war escalating.

However, the market has shown time and time again that when we pulled back from that news, the value investors come back in. I don’t think that anything is going to change this point, unless of course there has been some major escalation in the type of tariffs we see. At this point, I believe that the market continues to offer plenty of “buy on the dips” opportunities. I believe that the 2880 handle above is going to continue to be very difficult to crack, but if we do we should then go to the 2900level, followed by the 3000 level after that. I have no interest in shorting this market currently.

·       European shares fell on Friday morning as worries over a plunging Turkish lira weighed, with banks most exposed to the country among the biggest losers.

While most sectors were trading in negative territory, banks were the biggest sectoral fallers, down 1.3 percent. By 0714 GMT, the pan-European STOXX 600 index was down 0.5 percent.