The call for this week: This week will see a large 29 different economic indicators released with the most important being the ADP employment report, initial unemployment claims, the monthly non-farm payrolls report, the Chicago PMI, the ISM Manufacturing report, and the ISM Services report. Such a deluge of economic data within a one-week time period is fairly rare, so buckle up. All such reports can be market moving, but so far the bears, rubbing their collective hands together with glee over the fiscal cliff, sequestration, the continuing resolution, the debt ceiling, etc., have been totally w-r-o-n-g. I feel sorry for the bears waiting for the “crash” they have been expecting for the past four years all to no avail. It looks to me as if the stock market will continue its move irregularly higher until we get indications that something is irrevocably wrong. So far, nothing in the stock market’s internal structure has told us to be anything more than cautious, but NOT bearish.
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