“It was the last wish of the Icelandic economy that its ashes be spread over
I wish I could take credit for that gem.
Flights are grounded once again in
The news from
As recently as April 7, Greek officials maintained that its debt was 12.7% of
Then there’s the dysfunctional way the bailout plan was negotiated. The back and forth between
What’s more, how will the EU respond if there are future problems with
It’s a bit of a mess. But the phrase “for better or worse” applies to an economic union just as much as it does to a marriage. The EU needs to do whatever it has to present a cohesive solution for debt problems to the world.
The latest round of earnings have not been so great. Verizon (NYSE:VZ) showed lower subscriber growth than expected. AT&T (NYSE:T) said essentially the same thing yesterday.
And stocks that miss are getting creamed.
The headline reads “New Jobless Claims Drop Sharply”. But a 24,000 drop to 456,000 doesn’t sound like a “sharp” drop to me. Still, claims peaked at 650,000 a week, so we’ve seen some improvement.
In some ways, the tepid pace of improvement in employment is good news for interest rates.
But for a little more color on the technical picture for the stock market, let’s turn to TradeMaster Daily Stock Alerts’ Jason Cimpl:
I have seen clear selling in the market over the past few days. Additionally, this selling has come with great earnings results and behind one of the most amazing bull runs ever. The market wants to take a break, and the next consolidation will last longer and retrace deeper than the previous two.
Technically, the evening star candlestick reversal pattern is still in play. This is a topping pattern and is highly reliable. I noticed one in January, which is how subscribers knew to get short towards the end of the month. The market is likely repeating itself, and institutions are using earnings volume as a means to get out of positions which will result in a pull-back.
Secondly, fundamentally, every sector looks fairly valued. Earnings are destroying analyst estimates, but stock prices are barely reacting. Yes, Apple (Nasdaq:
Still, the bears can’t celebrate yet. Until that group breaks a few support levels, the first of which is SPX 1188, all price action should be viewed as consolidation before new highs.
Chuck K., one of Jason Cimpl’s readers, wrote the other day:
Thanks for a great calls.
Yes, Jason has led his readers to some outstanding profits lately. And now, you can put him to the test. Send Jason a ticker symbol, and he’ll review your stock in a personalized charting video.
Then, you can stick around and get 2 weeks of his market commentary, trading videos and trading recommendations for just $9.95.
There’s no better way to “test drive” TradeMaster Daily Stock Alerts.
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