The Week That Was: April 20 – 24Apr 26th, 2009 | By Gualberto | Category: General Comments
Well what looked like was going to be a week for the bears ended up being a pretty good week for he bulls. Let’s keep an eye on that 88 level in the SPY, as it looks like it’s going to come into play again this upcoming week.
The dollar index looks like it is breaking down from a bear flag. This is definitely something to keep an eye on, as a weaker dollar will lead to strength in commodities, particularly precious metals.
More than half of the companies that have reported Q1 earnings have beat estimates. After what started off looking like a dismal earnings season, may turn out to be not that bad after all. We’ll have to see if this trend holds up.
A comparison of rallies off bear market lows. These two charts show where this most recent rally falls in terms of volume and percentage gains.
Gold is acting well. After looking like it was going to trade back down to 800 for a day or two, gold has rallied and finished the week above 900.
Over at Naked Capitalism, Yves thinks the stress tests may be a charade. Insiders are selling into this rally at very high levels. A really interesting article, definitely worth the read.
Rumors are circulating that the SPY is becoming hard to borrow. Very interesting indeed.