Analysis:
Yesterday's Analysis predicted that "the Consumer Sentiment will not increase surprisingly, and that "the market will continue to drift lower to find a near-term support level." Today the Consumer Sentiment was 69.3, slightly higher than the consensus of 69.0, and the market found support near 1,195 before recovering near 1,200. Looking ahead to next week, now that the market has found its near-term support, it will drift higher as the concerns about Irish bondholders' "haircut" were dispersed by officials, and corporate earnings reports and retail sales will further boost investors' confidence in the market that is still priced below average in relation to earnings.
Strategy:
Bought at 1,197
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