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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