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Stock Markets Show Encouraging Signs
By Bill Cara on July 20, 2009 | More Posts By Bill Cara | Author's Website
Assault on S&P (^GSPC) 956.23, which was the June 11 high, is underway today. Regarding my opinion that we’d likely see S&P 800 before 1000, I may have to reconsider.
Equity markets in Asia-Pacific and Europe this morning are reflecting a positive change in investor/trader sentiment, led by the banks. It is earnings season, and with positive surprises last week from IBM (NYSE:IBM) and Intel (NASDAQ:INTC) among others, this week’s reports (12 components of the DJIA plus Apple, Pepsi, Texas Instruments, etc) will be studied closely. The charts, in fact, are showing that most sectors had a short-term break-out last week.
Moreover, there is news today that CIT (NYSE:CIT) may be close to resolving its near-term financing requirements without government help.
http://finance.yahoo.com/news/CIT-rescue-reports-give-apf-911298585.html…
All this is encouraging, but caution is still urged.
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