Maybe the fourth rally attempt, begun the prior Friday, has a chance, as stock prices rose on most days of the past week. Though not spectacularly large, the price increases were seen among most stocks.
Not sure what is causing investor interest in buying stocks now, as the backdrop of economic news remains decidedly pessimistic.
Furthermore, Friday’s “surprisingly good” employment report was carefully scrutinized by economists after Friday’s close and they discovered some “calculation adjustments” by the Bureau of Labor Management (BLM) which reveals the reported employment gains were actually net job losses – eroding confidence in yet another government department desperate to cover for the Biden administration’s culpability in our economic decline and prolonged recession likelihood.
Our short gains generally declined somewhat, but long positions increased gains or at least decreased losses.
Though we are beginning to see some BUY signals emerge, one week is not enough to confirm a broad-based uptrend, so price moves next week will be important to determining whether a legitimate market-wide uptrend is forming or not.
Get your first month FREE when you subscribe
A full month of actionable insights on which stocks to invest.