ECB Actions Next | Timeline Still Uncertain
The markets have been moving sideways to slightly down after their big move up late last week. The Fed didn’t offer any new market stimulus or info today which disappointed some investors. But they won’t act unless the markets start to unravel in our opinion.
European Central Bank President Mario Draghi is supposed to make some announcements tomorrow but the real actions may not happen until September. Any changes or hints of delay to the proposals he mentioned last week could rock the markets to the downside.
The European leaders, the Fed, and the ECB looked over a potentially fast approaching stock market and Euro currency cliff and they are trying to come up with some stop-gap financial recovery proposals. Investors are temporarily buying into the ECB and Euro leaders’ “potential moves” but the specific details and exact timeline are missing as usual. At some point, this continual process of throwing out “multiple possible proposals” without strong action will not work. Draghi needs to give investors some confidence tomorrow.
The bulls have pushed the markets back up and away from 200 SMA cliff yet again and the trading range between 1,340 and 1,400 is back in play for more time. The market bounced up off the lower trading channel trendline and it is heading back up to the top of the trading channel. The key price levels for the S&P 500 are 1,400 and 1,425 on the topside and 1,375, 1,350, 1,335 (50 SMA), and then 1,320 (200 SMA) for pullback support.
No new Power Stock Picks tonight but the Investor Lists from the past several newsletters along with our Commodity Value Stocks blog have continued to outperform the market.
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