The markets took a pause today, ending slighty below the 0 mark on all three major market averages. Manufacturing data beat expectation as did housing numbers, giving support validation to a bottom in housing.
The news today, mostly led recovery headlines, but the underlying weakness was evident in earnings data from ORCL and FDX. In addition, while unemployment filings were mixed the undertone strikes a tenor of concern.
Sentiment and technicals continue to support the bullish trend and a bull market. Fundamental data, in my opinion, remains suspect. I like to take Buffets view point, that is to say, things aren't getting any worse, but they aren't getting any better either.
Summary: Stick with the Bulls, they continue to rule the current market trend. Stay hedged though, and don't over leverage yourself in this current trend. שנה טובה ומתוקה  |