In July the stock market advanced after a downturn in May and June. In fact were it not for the overwhelmingly bad indicators of US economic activity such as consumer confidence the market was poised to literally leap forward.
Corporate results for the second quarter have been superior. Ordinarily that would propel the market, but in the post great recession back water, the engine is getting gas but the brake is on.
Reuters: Wall Street marks best month in a year in July
The conflict between strong earnings and lackluster economic news has held stocks in a tight range throughout July.
"The market kind of stalled up the last couple of days. On the surface earnings numbers have been pretty strong, but underneath there was a loss of momentum..."
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