July 5, 2011
Weekly Market Outlook
By Keith Schneider
The big news this week was the Greeks (for now) agreed to austerity measures in order to get bailout loans, saving the country from default and keeping it in the European Union. Also helping to cap off a rare 5% + rally in the equity markets was a rise in the closely watched ISM (manufacturing index) that rose unexpectedly in June, along with some mid-year window dressing.
Much like the Charge OF the Light Brigade, when Lord Cardigan (the guy who made military blunders look good in cardigan jackets) yelled “charge”, the bulls heard “buy”, even in the face of a slowing economy and looming debt/budget crises coming up in August. The market swung from fear to greed in a heartbeat. Will the market continue its charge, or will this rally falter at the bears lines of resistance? Find out what’s likely with a special edition in depth video covering current market action and where we might be heading now.
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