and welcome back to Stock Charts R US blog.
The bear market churns away as financial stocks continue to feel the pain of poor earnings reports. GE's report of a larger than expected loss late last week brought the recent four week market rally to a halt just as it was approaching the upper end of its current trading range. The market shall be contained within the current trading range until either the $140 or $125 levels are broken. Given the financial sector's poor earnings reports released of late a bullish breakout isn't likely soon. Regardless, it is out of bear markets that new bulls are born. So with this in mind (and the coincidental indicator of what to expect during a typical US Presidential election year) look for a better second half to the year....BUT NO BUY YET!
Brian Beamish FMA FCSI
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