Market made a monstrous move last week after European union seemed to have come to some resolution regarding debt crisis. However, it was risky period as market could have tanked without any Euro resolution. If you were not invested in market last week then you did miss a big move indeed. Oct 2011 is a historic month where we witnessed 17-20% gain in any index in a single month. This unusual phenomenon happened after 1974 when such huge move was recorded last time. Now the big question is how far will this rally continue!!!
Markets are currently in very turbulent global environment. Any attempt market makes to move up from here will be most likely a trap for many. Earnings season will start in a week, assumptions and expectations may push market higher for another 2-3 weeks. Once the earnings are released and guidance are published, initial enthusiasm will subside. Immediately, USA Debt reduction will be in focus and pressure will start building as 6 member congress committee attempts to come up with a $1.3 trillion debt reduction package. Remember, last time how difficult it was to reach any agreement between both parties (August nightmares) and same drama will follow this time as well...
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