As we enter the last week in July, stock indexes continue the climb at a pace where Bears are finding great discomfort. The half way back retracement to 10,000 DJIA could come a bit faster than many had thought, but of coarse timing is everything. Pricing of stocks from outside the US has been a major factor as purchases are made against the belief in a Fed Put. Articles claiming revisions on earning estimates may contribute to further gains are also abundant. They are always based on revelations that analysts have once again been fooled by their corporate targets having been duped by a combination of what little analysis they actually do and the gamed numbers the corporations they cover have shown them. Like weathermen, analyst’s work is not science, but a form a guessing based on conditions someone else witnessed.
So all the Bulls have to worry about is a sudden bit of news which would kick apart the somewhat fragile coalition they have with low volume rallies. Like the stock analysts, it will be a surprise.
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