We got another upday in US..
Dow up +68 to 10,715.43 after rising as much as 112 points, Nasdaq +27 to 2,058 rising for for a third straight session...
After hesitating due to PW session, US investors again started looking beyond the latest round of sales and profit warnings...with the help of economic data offering some optimism. "The government said the number of Americans filing for jobless benefits fell sharply last week. And a survey of business conditions by the Philadelphia Federal Reserve showed that regional manufacturing contracted at a smaller rate in June and came in ahead of forecasts..." and believing that "lower interest rates can stem the declining corporate profits that have hammered stocks this year..."
"Positive earnings reports combined with an absence of negative ones could be enough to get the market going," said Jeffrey Benton, NYSE trader at LaBranche & Co., (CNNfn)
Once again it looks like we've seen the end of the bear market, but we haven't seen the start of a bullish trend...
Maybe a range trading period before that starts, but I don't think we're going to test previous lows...
That's for the US of course, UK seems to be taking things differently, US goes up we go flat waiting to see if the gains are sustained..US go down we go down twice as much beating drums of US recession...
Ever since the rally in April, UK not responding US accordingly...it follows -ve but objects +ve developments...US investors started to look beyond the 3rd quarter long time ago, UK investors not looking at anything but the first 2 quarters, therefore staying away from the market leaving it to traders giving the shorters the upper hand...they've got carried away so much that no share prices can consolidate; take BLM for example, around 40 still the focus of UK shorters, how can the price consolidate on this sentiment...
Looks like only a sustained US uptrend can bring UK investors back to the market and stop the shorters hammering any share prices they get their hands on...
This of course will cause strong upward share price movements..when will that start not clear yet
As for me I am still chasing shares hammered down by UK shorters and waiting for them to cover their positions in panic, so buy on dips still the name of the game...
Riz
Dow up +68 to 10,715.43 after rising as much as 112 points, Nasdaq +27 to 2,058 rising for for a third straight session...
After hesitating due to PW session, US investors again started looking beyond the latest round of sales and profit warnings...with the help of economic data offering some optimism. "The government said the number of Americans filing for jobless benefits fell sharply last week. And a survey of business conditions by the Philadelphia Federal Reserve showed that regional manufacturing contracted at a smaller rate in June and came in ahead of forecasts..." and believing that "lower interest rates can stem the declining corporate profits that have hammered stocks this year..."
"Positive earnings reports combined with an absence of negative ones could be enough to get the market going," said Jeffrey Benton, NYSE trader at LaBranche & Co., (CNNfn)
Once again it looks like we've seen the end of the bear market, but we haven't seen the start of a bullish trend...
Maybe a range trading period before that starts, but I don't think we're going to test previous lows...
That's for the US of course, UK seems to be taking things differently, US goes up we go flat waiting to see if the gains are sustained..US go down we go down twice as much beating drums of US recession...
Ever since the rally in April, UK not responding US accordingly...it follows -ve but objects +ve developments...US investors started to look beyond the 3rd quarter long time ago, UK investors not looking at anything but the first 2 quarters, therefore staying away from the market leaving it to traders giving the shorters the upper hand...they've got carried away so much that no share prices can consolidate; take BLM for example, around 40 still the focus of UK shorters, how can the price consolidate on this sentiment...
Looks like only a sustained US uptrend can bring UK investors back to the market and stop the shorters hammering any share prices they get their hands on...
This of course will cause strong upward share price movements..when will that start not clear yet
As for me I am still chasing shares hammered down by UK shorters and waiting for them to cover their positions in panic, so buy on dips still the name of the game...
Riz