August 1, 2008
Comparatively speaking, today’s market action was pretty mild. We had a mixed jobs report, but the market was hoping for more. That is why we were saying in yesterday’s market analysis, don’t expect too much from the report, because there was way too much optimism going in to today. As a result, the market “sold-the-news”.
What has helped this market out quite a bit recently, has been that, outside of the financials, earnings season has been quite strong. The problem now becomes with earnings season winding down, what catalyst buyers will use to propel the market forward. There is a slew of bad news out, there and if there is nothing to counter the negatives (with positives such as earnings), then we could see heavy selling pressure over the course of the next couple of weeks.
For more on the week, and a look at each of our current positions in the market, check out the weekly summary to be posted this weekend. Have a great one everybody!
Here’s the NASDAQ and S&P Charts…
