The monster week continues; after the initial sell the news reaction to Greece, the markets have reversed and are back off to the races. It has already been a 3.1% advance in two and a half days. For the 95%+ of Wall Street money that is long only, it has been a fiesta!
Technically, in the exponential world I focus on, the S&P 500 has jumped back over all key resistance areas. But it pays to look at the simple world as well. In that arena S&P 1317 is standing out for obvious reasons.
This should be the last day of paint taping as they don't like to do it on the last day of the quarter (or month).
As I do every May, Jun, July I am giggling at all the euphoria over the improving housing data. This is the 3rd year running we'll hear calls of housing bottoms as the SEASONAL strength (that happens EVERY year in late spring/summer) reappears. Wake me up in September for the SEASONAL downturn.
- The persistent weakness in the housing market is frustrating, and we have noticed a growing tendency of many observers to jump on any bit of good news, or even not so bad news, as a reason to declare we are near a bottom, said Mark Vitner, senior U.S. economist at Wells Fargo. We wish this were true.