Hi folks...just to let you know this will be the last one for the Summer. Nobody is gonna' find Nemo....
Here's a nice summation for the week courtesy of Barry Ritholz: http://bit.ly/15S7KqZ
As I sit here typing this at 4:15 pm on OP EX Friday, the SPY continues upward and is currently at 169.46. This is just a feeling, but I think next week leans toward the mother of all rips higher. Earnings reports, at least the revenue side and forward guidance has not been particularly good, yet the market continues higher. The Qs took it on the chin because of GOOG and MSFT, so they might be a hinderance, MSFT might go the way of Detroit, but GOOG is already being bought back up. That's the thing...earning sell offs are being bought right back up, and all this with crude at 108/bbl. Oh, found out where the bears are: http://bit.ly/12QHnxi
I have a long list of industry ETFs I look at to give me a feel for the market, and there's nothing that forbodes weakness. Doesn't mean it can't happen, one of my favorite indicators is topping, but, last week saw the largest inflow of mutual fund money since 2007. Retail is coming back in to the market. The other biggy is bonds. Bennie tapers, yields/interet rates are gonna' rise, which they've been doing, which will likely bring money out of bonds. Where does it go? If it goes to stocks, they're going up.
Anyway, the week that was: