This last week has been one filled with consolidation. The Dow flirted with 12,500 and signaled a retreat, only to turn and ready another attempt. This consolidation is a good thing, allowing the market to cool a bit before making another move. Hopefully, that move will be "up". The charts are giving that indication.
I have not written much lately as there really isn't much to say. The market made it's move and is continuing that trend nicely. No, we aren't going up in a blazing fashion, but rather a little bit at a time. And that's a good thing. Slow and steady. Fast moves upward burn out and have to dive back to return to sanity. I'll take the slow and steady any day of the week!
As for the news, there's enough, and a downgrade of France and a few others in Europe by S & P. But so far the market has shrugged off the bad news and held it's gains. Next week is a short week and it will be interesting to see how the market fares, especially with Europe trading on Monday. And yet if memory serves me right, S & P downgraded the USA and that followed with a market recovery. Perhaps Europe will do the same. Can you say QE Europe?
CURRENT MARKET TRENDS
Long Term (Weekly Chart) – Bullish Sideways Consolidation
Medium Term (3 day chart) – Bullish Sideways Consolidation
Short Term (Daily Chart) – Bullish Sideways Consolidation
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