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Bill Cara

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 (IBM) and Intel (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 (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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