So how about that stock market. After a real stinker of an early July with all kinds of lows and worries, we are now back into a bull run. As far as I can tell this is the result of better than expected second quarter corporate profits. Hey, when even Ford starts strutting around showing off its big bad bank account, investors are taking notice.
The second coming of the recession is presently on hold. That could change real fast of course as this is one little temperamental period. Its hard to get a fix on the long view, while the short view is like a Mexican jumping bean.
Regardless, the sentiment seems to be that if the trend of better than expected second quarter results continues, all bets are off and the market runs up the hill with ease.
Reuters: Stocks on brink of breakout
...he believes the selloff has run its course, and the early July low will prove to be the low for the year.
New home sales will kick off the week, with data expected to show a rise to 320,000 units in June...
Lastly will be the first reading for second-quarter gross domestic product. Investors are expecting the economy to grow by 2.5 percent, compared to 2.7 in the first quarter.
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