The Day Ahead: Have Caffeine & Antacids Handy
Hopefully, the weekend brought a period of relaxation with family, friends, pets and a good book because the upcoming week will be intense. It starts with the bulls getting clocked in the head last week by the one-two punch of sun-setting explosive China growth and minuscule signs that Wall Street has run ahead of the U.S. economy's realities. I felt around the market Friday and over the weekend searching for "tells" to jump from the bearish call-to-arms last week. Surely it was encouraging that the consumer discretionary and technology sectors held up well in the ensuing pullback, and there wasn't that rotation into defensive names that would really trigger medium-term worry (the bearish view is more near-term biased) on my part. However, I don't believe relative strength in the aforementioned sectors is enough to disregard as purely secondary the commentary emerging from global industrials and rumblings from the eurozone that fiscal problems can lay dormant for a stretch but re-emerge like a bad case of the flu.
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