The Morning Call
The Market
Technical
‘Money
for nothing and the chicks are free.’
The renew vow from the Fed that it will never, ever allow stocks to go
down has infused a rejuvenated sense of euphoria in investors. In two days we have gone from worrying about
potential support levels to focusing on resistance. At the moment, the upper boundaries of the
indices long term uptrends are 19162 and 2071---which means the S&P is a
short hair away from another challenge.
Let’s see how they handle these resistance areas; but given the current
magnitude of jigginess, the odds of a break seem reasonable.
Fundamental
It
seems almost useless to attempt to analyze fundamental developments and their
potential impact on stock valuation, because nothing else matters but investor
faith in an endlessly easy Fed.
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