Monday July 9, 2012
Yes it's earnings week, and yes once again Alcoa had a lousy quarter. But it is important to keep you eye on the big picture here
The low in the EUro Friday appears to be a result of end of quarter light trading.
That low was not accompanied by a new low in oil or gold, quite the contrary, they are well off their lows.l
Borrowing costs for France and Germany are guite low, we noted there is no way the market can collapse with the public buying negative yield German bonds or 1.6% USA thirty year bonds, I can remember when people would not buy 14% T bonds, good grief...
Higher lows in XES and CEF continue to suggest quiet accumulation by those atnticpating the next rather than the last move. Crude oil is the master market and it is up.
The summation index for the NASD and NYSE both continue higher.
All the tech analysts looking at the same charts are reaching the same erroneous conclusions, fear is rampant which is always the case near market lows.
More of my sucession of lower and lower orders were filled today.