Analysis:
Yesterday's Analysis predicted that "the Consumer Sentiment will deteriorate instead of improve in light of continued dismissal of workers by government and businesses alike." Today the Consumer Sentiment did decrease instead of increasing as forecast by consensus. The market dropped on the news but recovered to close higher when Google's upbeat earnings more than offset GE's disappointing revenue. Looking ahead to next week, the market is due to a retreat, as the Fed's QE2 mantra starts to generate fatigue to investors who buy into the market on the expectation of the "Bernanke put" but are otherwise given too little concrete positive economic news.
Strategy:
Hold short at 1,157
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