NOT so exciting earnings season and poor guidance put a pause on the rally, market went into a correction which started in early August. Last weeks bounce could not hold due to global conditions and market is desperately trying to find support. What shall we expect in near term?
Market experienced sharp sell-off earlier this month and appears to be bouncing back. Earnings season is behind us and guidance from many companies is NOT good. FED taper talks are in the air, however housing stats are NOT looking good and debt debacle is ahead of us in September. So what shall we expect in near term?
Market was consolidating near HIGHs for past two weeks and finally we have the outcome. It appears to be entering into a correction now. Earnings season is over and guidance was not good which poses further downside risk. Also FED taper talks along with Debt ceiling debacle will weigh on the market in coming weeks.
What shall we expect in near term!!!
Market is trying to find a catalyst in last three weeks and unfortunately earnings season was NOT able to provide one. Instead, earnings are NOT good and guidance appears to be very cautious. In addition to that we have "Taper Talks" in the news along with debt ceiling tough-of-war ahead of us in September. BUT for now congress is enjoying vacation hence market may continue to linger near current levels. What does this mean for us?
Market continues to grind higher every week, earnings season is winding down and guidance is not impressive, Fed continues to deliver market friendly news and anyone sitting on the sidelines (not invested in market) is getting extremely frustrated with the feeling of missed rally. Well lets not forget, debt debacle will be upon us in month of Sept and 10 year treasury yields are rising faster than Fed thought. What does this all mean for us?
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