Market Monitor | stockbee

7/03/2007

Market Monitor

  • The major indices posted impressive gains Monday as the market kicked off the second half of 2007
  • Not reading too much into the action, this is typical holiday market behavior. The bears got squeezed as market started going up from word go.
  • The 100% plus universe had 68 breakouts. Clearly showing where bulk of buying was concentrated.
  • While there is lot of noise about mortgage derivatives trouble, the market reaction does not see that as a big deal. If there was more damage from the Bear Stearns problem, we would have seen much more sustained selling . If more hedge funds were in trouble, as bears have been claiming, we would have seen more selling.
  • It is a bull market till we see a proof to contrary.

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