Upward price bias suggested by analytics the prior weekend did in fact occur. Prices of most stocks finished the week higher, as did the major indexes.
It was not a smooth rise, however, as the week was another in which daily economic/corporate news moved prices up and down mid-week. Some disappointing earnings reports/guidance were offset by tame inflation figures that suggest the Fed may stop raising rates soon and the recession may not be as bad as earlier anticipated, and some economic reports (GDP, jobless claims, durable goods orders) that were all better than expected.
Most of our stocks were risers – good that we held through recent slumps as did the institutional investors rather than selling as the amateur investors did.
Next week will see the next Fed rate decision announced and earnings reports from the tech giants, all of which could move prices significantly either way.
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