After 12 negative sessions out of 13, stocks are trying to mount a comeback. Of course they are doing this without facebook, which is obviously suffering a from a lack of ‘likes’ on the day. Most of the rally is due to the market being technically oversold, but most analysts agree that there needs to be a major catalyst to give the rally legs. Facebook was to provide that, but the over-hyped social network has so far crashed and burned on an epic scale.
The markets are getting a respite from Europe today which is helping the bulls’ cause. The lack of horrible news is seen as good news for the day which is helping the market maintain its gains. The G8 statement over the weekend also gave the bulls cover, even if the statement was nothing but political fluff without any real teeth as to action. Sign Up For Free Alerts
A quick check of the markets has the Dow up 95, the Nasdaq 35 and the S&P 14. [Read more...]