FC MARKET SENTIMENT
55.4
30-Day Change: -4.2%
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Weekly Sentiment

July 26, 2010

Good Earnings Make Good Markets

Third Week Rebound Refuels July Market Uptrend

Gentle Ben put a mid-week scare into the market last week with his testimony before Congress. His comment that “Economic outlook remains unusually uncertain” did not add to market confidence…nor did his comments that “unemployment is expected to be somewhat slower than thought” and that it was the worst labor market since the Great Depression. These were unusually pessimistic statements for a Chairman of the Federal Reserve to be making with an election less than four months away.

It may not have been all about earnings reports last week, but they turned out to be the biggest factor when the dust settled. Some disappointing earnings reports early in the week raised some concerns, but the pendulum moved heavily to the plus side as the week went on. Overall earnings were very good, but there was some waffling in the guidance from a few to raise some concerns about earnings later in the year.

After its upside Fourth of July blast, the market pulled back at the end of the following week, but it gained that and more back last week to keep the July rally going. The DJIA was up 3.2%, the S&P 500 was up 3.6%, and NASDAQ was up 4.2%, for a second impressive July week. The only loser was Health Care, down 0.5%, with the rest up at least 3%. Basic Materials led at +8%, and Industrials came in at +7%.

Sell-Side Sentiment Slide Continued

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