So how are things faring relative to what the chart are indicating. I am going to include the pullbacks from November 2010 and March 2011 together with what is happening right now to give a little bit of insight.
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| November 2010 |
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| March 2011 |
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| April 2012 |
The price action looks very similar to the March 2011 pullback just because the volatility of the moves. The SPY is channeling and I think by the middle of next week we should have a good idea of what path it will take. The expectation I have is that the SPY still has at least another month or so of an upward move and then we will see after that.
Earnings so far have come in solid with tech stocks really weighing on the S&P and the Dow. AAPL and IBM have been leading the tech retreat, but for the most part tech stocks still look solid going forward.
Many of the concerns in the market are still related to Europe you can see that Spanish yields have risen to right around 5.98% Above 7% is unsustainable for Spain to repay their debt.
China is looking more like a soft landing and it is taking steps to insure future growth.
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Disclaimer: This article is intended to be informative and should not be construed as personalized advice as it does not take into account your specific situation or objectives
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