The Week Ahead: Amid the Earnings Flood, Be Sure to Step Back
Last week brought a plethora of information as nearly 500 companies not only reported their December quarter results, but also issued their near-term forecasts. As tends to be the case, it was a smorgasbord of data with views that were positive, negative and conflicting as well. The net result for the market was a positive move in the S&P 500, which closed the week at 1502.96 -- up 5.4% year to date. That marks not only one of the strongest Januaries in some time, but also the first time the index has closed above 1500 since late 2007.
While I'm more of a fundamentalist than a technical analyst, I'd be remiss if I didn't at least take a cursory look at the S&P 500 chart. The daily chart suggests it has entered overbought territory....952 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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