5% Drop In Chinese Stocks Has Investors Spooked – Watch For A Test Of The SPY 96 Level!
The market has staged a huge rally and it is looking for its next catalyst. Profits have easily beaten estimates and decent results are expected as we enter the home stretch for earnings season. My concern with this rally is that transportation stocks and energy stocks are moving higher on weak fundamentals. Railroads and truckers reported weak results and at best, they do not see a recovery until the middle of next year. Oil exploration and production has been cut, yet oil supplies are building. If a global economic recovery were underway, demand would be depleting this inventory and prices would …
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