Thursday, July 26, 2007 2:13:03 PM
Depends on whether we close above 2600 tomorrow. If we do, it's probable we'll begin a late summer rally into the fall like we did last year in mid-July. If not, we could over correct down to 2400 which spells problems in the economy for the next two years I'm afraid. It might be the head formation in a head and shoulders pattern, ratern than a correction in a bull trend.
I personally think the sell off at this point is way over done given the revenues and earnings being reported, and we should start to trend back up next week... although (insert caveat here
the number of earnings reports that have exceeded expectations this quarter (52%) is less than last quarter (61%) which says things may be getting tougher in the global markets. I'm keeping a close eye on China's markets looking for signs of weakness in their expansion... so far no warning lights. Same with Europe.
How about your read on conditions RBT?
I personally think the sell off at this point is way over done given the revenues and earnings being reported, and we should start to trend back up next week... although (insert caveat here
the number of earnings reports that have exceeded expectations this quarter (52%) is less than last quarter (61%) which says things may be getting tougher in the global markets. I'm keeping a close eye on China's markets looking for signs of weakness in their expansion... so far no warning lights. Same with Europe. How about your read on conditions RBT?
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