Wall Street could not sustain an early rally and finished down but it was anything but dramatic. The battle over whether this rally is to be seriously tested continues with the worries about the global and US recession competing with better than expected corporate results. In fact, after trade Apple reported a rise in quarterly earnings, once again showing that analysts have been too negative.
As I said recently more bears are becoming bulls and more technical people believe that the 666-level of the S&P 500 in early March was the bottom. That means there will be more buyers when the market dips. And this will continue until a surprise bad news reading spooks the market. If one doesn’t show up then it could be onward and upwards. A number of bears turned bulls have the S&P 500 heading to a 1000 this year and we’re now at 843.
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