MONDAY-WEDNESDAY’S ACTION: Stocks Edge Lower on Taper Talk
Stocks ended mixed but spent the majority of Monday’s session in the red as investors digested a slew of economic and earnings data. China’s service sector rose in July which bodes well for the world’s second largest economy. China’s non-manufacturing PMI jumped to 54.1 in July from June’s 53.9. In the U.S., the ISM’s service index rose to 56, also beating estimates (53).
THURSDAY & FRIDAY’S ACTION: Stocks Try To Bounce
MARKET OUTLOOK: STOCKS Are Strong
The Fed induced rally is alive and well after Bernanke did a 180 and shifted the narrative back to a world of infinite Fed money. Our goal is to remain in sync with the broader trend of the market (up or down) and not get caught up with the minutiae of changing labels on the market status very often. As always, keep your losses small and never argue with the tape.