Wednesday, July 28, 2010

Under The Weather

I seem to have picked up a flu-like virus and am pretty out of it. I may not post the rest of the week.

I just wanted to say that the market is pulling back in light volume ahead of Friday's GDP report. I think it may end up being a positive surprise, but even so the current pullback could continue with the SP500 heading toward 1100 to 1090 before the rally resumes. I would not view selling on Friday as a reason to bail unless it was unusually severe and on heavy volume. Even then, we would really want to wait for downside follow-through next week before assuming the trend has changed.

Overall, it looks as though the rally will continue into late August as expected.

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