U.S. stocks just continue to cruise right along, although investors seem to be displaying a healthy level of caution, looking over their shoulders as they whistle past the graveyard and bet on ongoing improvement in corporate earnings and economic growth. Despite extremely overbought technical conditions and regional hot spots that may ultimately threaten global economic recovery, investors seem undeterred.

Scott MartindaleStocks ended last week on a high note, closing a smidge above strong resistance at 1900 for the S&P 500, which set a new closing high for the large-cap index, albeit on low pre-holiday volume. With the Memorial Day holiday giving us a short week of trading, all eyes are on voting in Ukraine, where a decisive win for billionaire business tycoon Petro Poroshenko seems assured.

Scott MartindaleFacing formidable resistance and the threat of an ominous triple-top sell signal if bulls lost their battle, U.S. stocks appear to have successfully navigated a critical crossroads by finding the wherewithal to break out to new highs, with blue skies above. Among the ten U.S. business sectors, the performance leaders last week were Consumer Services, Consumer Goods, Industrial, and Financial.

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Scott MartindaleStocks continued last week to seek some firmer footing, as prices found some support and volatility hit some resistance, and a flight to safety of global capital benefited long-term Treasury bonds -- the very assets that are supposed to be selling off in a secular “Great Rotation” into equities.

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Scott MartindaleThe stock market’s technical consolidation continues, and in fact anyone who missed last week’s entry point for the widely-anticipated year-end rally is getting another shot at it. The S&P 500 and Dow Jones Industrials both lost round-number support again this week at 1800 and 16,000, after briefly recovering them from last week’s pullback.

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Do not seek to follow in the footsteps of the wise. Instead, seek what they sought.” -- Basho

While investors may be getting a stiff neck looking up at the recent string of new market highs, they might soon look back wistfully at that minor level of discomfort as compared to the one they experience once the market dips low enough to touch the actual economy.

daniel / Tag: SPX, DJIA, NASDAQ, COMP, EWP, EWG, EZU, EWQ, FEZ. TWTR, ZU, FB / 0 Comments

Thunder is good, thunder is impressive; but it is lightning that does all the work.” — Mark Twain

If you go by Wall Street’s scorecard, the economy seems to be going gangbusters, as evidenced by the upward trajectory of the major equity indices.

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I am always doing that which I can not do, in order that I may learn how to do it.” -- Pablo Picasso

So now the fun really begins.

That is, if you consider fun the sort of thing that happens when Wall Street has way too much information to process in a very short period of time.

daniel / Tag: VIX, VXX, FDN, DJIA, SPX, COMP, GOOG, AMZN, EBAY, PCLN, YHOO, CRM, NFLX, AKAM, FB, LNKD / 0 Comments

You must live in the present, launch yourself on every wave, find your eternity in each moment. -- Henry David Thoreau

Well, that party didn’t last long, and the hangover was on the nasty side.

Wall Street had a few days to entertain a little early-week exuberance as a couple of Fed-centric news cycles spurred the equity market towards yet another round of record highs. That exuberance, however, was severely “tapered” when a conflicting message from another Fed officer sent the market reeling towards steep losses, cutting into its midweek gains.

Scott MartindaleWe are in the thick of earnings season, and so far the general trend has been as anticipated: modest if any top-line growth and more earnings beats than misses (albeit versus a low bar). But forward guidance has been the big decider on how the stock trades post-earnings, and the message has been decidedly mixed, as many companies have had to reduce guidance or otherwise failed to make the grade in other important growth metrics.

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