Analysis:
Over the weekend the Irish finally relented to ask for a bailout from the EU and the IMF. Today, the Bears tried to pull another buy-the-rumor-sell-the-fact trick, but the market had another idea and closed only slightly lower. Looking ahead to tomorrow, the revised Q3 GDP will be 2.4% or higher, as the international trade deficit subtracted less from the GDP due to a weak dollar, and the Fed's minute will disperse any lingering doubt about the Fed's resolve to carry out pumping the full $600 billion into the financial system by next June. As a result, the market, driven by technology stocks led by HP, will rise towards 1,210.
Strategy:
Hold long at 1,197
No comments:
Post a Comment