George’s Mid-Month Forecast on the Current Stock Market67 views 2013-07-17 01:23
At this point, what the stock marketneeds is a little time for reflection. And by that I mean that the market participants really need to sit back, pause, and examine the situation.
As you already know, I was disappointed that the correction in June was not deeper—I was waiting for a bigger discount before going shopping for stocks. Even so, the stock market has since rallied to recover to above its record highs, as is the case in the S&P 500 and Dow Jones Industrial Average. There was money to be made, just not as much as I had hoped.
Now we are seeing some hesitation. That’s completely normal because of the general upward drive of the stock market. But I have been surprised to see stocks move up so rapidly, and I continue to question whether the upward moves are sustainable. Of course, the fact that the Federal Reserve will continue to print tons of money certainly isn’t hurting the market.
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But my sense is that for the stock market to ratchet higher on the charts, we will need to see corporate America deliver some surprises, especially on the revenue side. We all know Wall Street cut its earnings estimates, so meeting them really is not a big deal.
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