28 May 2022
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Inside Markets

Switzer Daily
19 June 2009

Wall Street has overcome the stress tests hurdle and more and more analysts are saying this is looking like the makings of a bull market!

Bill McLaren, a hotshot trader who once lived and commented from Byron Bay, told CNBC that he could see some good signs.

"Rallies in bull trends have very specific characteristics and this rally has started to develop some bull market characteristics," McLaren said when looking at the S&P 500.

He thinks if a correction lasts only three days, then it would give him a strong indication that the bull is beating the bear.

The Dow rose 164 points or 2% to 8574.65. That’s up 4.4% for the week!           

The NASDAQ put on 22 points or 1.3% to 1739.           
The S&P 500 added 22 points or 2.4% to 929.           

Not only are credit market margins coming down for borrowers, but the fear index or the VIX has also fallen to 31.87. At its scariest it was around 80!

For those who listened to the doomsday merchants, the Dow is up 30% in nine weeks, the Nasdaq is up 34% and the S&P is up 36%.

On the economics front, April’s non-farm payrolls job losses were better than expected, though the March result was revised up.

For those watching out for market-turning news, here’s what’s out this week:

May 11    NAB business survey for April

May 12    Federal Budget                

May 12    Housing finance (March)                

May 14    Lending finance (March) 

And in the USA:

May 13    US Retail sales (April)           

May 14    US Producer prices (April)

May 15    US Industrial production (April)               

May 15    US Consumer prices (April)            

May 15    US Consumer sentiment (May)       

Have a good week and let’s hope the Treasurer does not ruin our retirement plans!


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