Better than expected recession news helped Wall Street to a positive finish. In fact, the market finished on the highs of the day.
On the economic front, the Beige Book, which looks at the US economy, received a number of regional reports (five out of 12 regions) from the Fed that showed the contraction of the economy was easing up.
The market is now looking for JP Morgan’s report tomorrow and this could be a big market mover. We are now trying to get realistic about the sell off which could be overdone, which I think could be spot on.
The market is with me at the moment, though I expect my view will be tested.
The attitude is tending to the positive with no down phases lasting any longer than two days since March 9.
Sentiment is definitely turning to positive — let’s hope it can last!
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