It was the best week for the market in a year, as the bears just became tired of selling stuff, even BP had about a 25% rally of the lows. Stocks like PCLN and FSLR have had huge bounces off their lows.
Earning season kicks off next week and the action will get hectic. Most of the traders are on vacation, but we all know by now that volume has become virtually meaningless, as the market will go where it wants to go with or without big buyers or sellers.
I am really looking forward to the next three weeks and it will be interesting to see how the financials report. Has GS been downgraded enough? A rally out of Goldman could start a brush fire for the finnies and the market as well. This quarter more than ever will be about guidance and not what happened in the rear view mirror.
Good earnings can put us into positive and sustained reversal mode, bad numbers though, could be the catalyst to get us in the 900’s on the S&P. It’s still a catch and release market and I’m renting everything.
It was a wild week on the Premium Site, stop on by.
Have a great weekend and enjoy the links.
Diary of a bad year.
Late day trading and ETF’s
Maybe this is why volume is light. Hedgies pulling back.
Are bonds signaling a Great Depression?
David Buffalo on rational investment analysis
Illinois stops paying its bills.
I love ya Jimmy, but really?
$7.1 billion in over payments to unemployed
Mel in hell.
A heavy price for cheap mortgages.