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| 2010-02-22 01:28 |
WHY SO CALM?
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Okay
the gauntlet has been laid down and the Republicans will have to respond, but I don't think that's the source of the market's anxiety today. There is
that feeling, like the calm before the storm. In the northeast, we know we'll pay a heavy price for a nice weekend with four days of nasty rain/snow
and other weather conditions that prove global warming (I couldn't resist). In the stock market, we have to wonder if the revival of healthcare reform
is just the tip of the iceberg (there I go again), and the gathering storm means more draconian versions of cap and trade and financial regulatory
reform.
The animals aren't heading for the hills but the animal spirits of investors have been in hibernation all session.
After last
week I expected some apprehension early in the week but there will be news that could spark the market in one direction or the other. In the meantime,
the S&P 500 is at a key resistance point and on the verge of a major breakout. As the index lifts from 1,100 it should gather steam and rally to
1,140 quickly.
We remain optimistic about the
market (though understand it's looking for a spark).
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Disclaimer: Securities Operations Forum is providing this research to assist investors in determining when to buy and when to sell. All investment decisions are yours and as a result you could make or lose money. Securities Operations Forum, its employees and/or its affiliates and family members may from time to time take positions in the open market or otherwise with respect to the securities discussed, but not have stock ownership equal to or greater than 1% of the outstanding stock of the covered company nor does any employee of Securities Operations Forum sit on the Board of Directors of any covered company. The statements made herein include information obtained from sources believed to be reliable, but no independent verification has been made and we do not guarantee its accuracy or completeness. The statements made herein contain general information and do not constitute an offer to buy or sell any security. |
