Market Update

Despite today’s upward move, this multi-month rally is clearly running out of gas. It’s now coming down to a market totally driven by news events. Plus, the bulls are finding it harder to generate renewed confidence among investors.

To no surprise, Ben Bernanke said nothing of a stimulus package yesterday. Spain is undergoing a mini-crash, and several of the big name companies are falling short of their bullish expectations. These bearish subtleties are clearly being hid from the market averages.

We’ve had a lot of news to digest this week and it has amounted to a sideways choppy market that whipsaws investors to death. Today- initial jobless claims were reported lower than expected, and just mentioned in the after hours, Spain’s credit rating was downgraded to BBB+.  

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