Financial Review

Fade Summer


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…Longest bull market can’t shake the correction. China-US trade talk talk. Trump wants cheap money Fed. Greece finishes bailout era but not out of the austerity era. DOW + 89 = 25,758 SPX + 6 = 2857 NAS + 4 = 7821 RUT + 5 = 1698 10 Y – .05 = 2.82% OIL + .17 = 66.60 GOLD + 5.50 = 1191.10   The Dow Industrial Average entered correction territory on Feb 8, when it dropped 10% from its recent peak. Since then, the Dow has failed to trade 10% above the closing low of 23,533 hit on Mar. 23. The Dow has been in correction territory for a long time, but it might be on the verge of a break out with a close above 25,886, or you could look at the previous high of 26. Or that previous high of 26,616 from January 26. Both levels will provide resistance. Also, just because the Dow and S&P are into correction territory, it doesn’t mean the end of the bull market. The bull market turns 3,453 days old this Wednesday. Barring a 20 percent decline between now and then, it would mark the longest bull market in history. A correction can be nothing more than the pause needed before the market pushes higher. This is the long way of saying the markets haven’t moved yet – we are still in a range, and until we break out or break down from the range, the markets aren’t really moving. The ...
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Financial ReviewBy Sinclair Noe