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Sideways Struggle

April 8, 2011 – 5:53 pm

The market started on an up note but the worry of shutting down our government as Congress can’t agree on spending cuts put some downward pressure a couple hours into the trading day. Stocks are below the flat line for the day and also for the week but not by much.

Next week earnings reports start to pour in and that will give us a direction for the market. Stepping back it appears the economy is slowly improving along with job growth. That is the background and for stocks to move higher it will be all about those earnings reports and future estimates of growth. It will also help if oil prices fall, the Middle East calms and we get a better picture on what is going to happen in Japan. We have had a number of issues that you would think would push prices of stocks down. The market is being fairly resilient as it struggles at its recent highs made in February. Will it break out or fail at a double top?

Next week should give us some hints about the future. Right now we are just treading water.

Good Trading
Steve Peasley

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