My continued bullish stance last weekend following a drop in the market was correct.
Last week, despite weak home sales data and high oil prices, stocks rose dramatically:
Dow ……………. 13,807 +2.1%
Nasdaq …………. 2,804 +2.9%
Nasdaq 100 ……… 2,195 +3.0%
S&P; 500 ………… 1,535 +2.3%
S&P; Midcap 400 ….. 895 +1.9%
S&P; Smallcap 600 … 428 +3.0%
People are too worried about the market. Everybody is afraid of getting in at the top of the Dow. They’re concerned that sky-high oil prices will sink stocks. They’re convinced that housing is doomed and will take down the economy. We’ll soon be in a recession.
We’ve seen these same fears before. Usually, when they’re high, the market is poised for gains.
Right now, they’re high. Get ready for more gains.
