After A 5-Day 7% Rally – The Market Is Tired – Earnings Have Been Good!
This has been a wild week. The market has gone from a technical breakdown to a 7% rally in a matter of days. I believe the path was paved last week when bond auctions fared much better than expected. Blockbuster earnings from Goldman Sachs sparked a huge rally in financial stocks and the market pushed through resistance. Tuesday, Intel followed up with fantastic earnings of its own and the entire tech sector lifted off. Yesterday, traders were taking a breather after two huge run-ups. However, late in the day buyers resurfaced. They bought stocks right into the closing bell ahead of …
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