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April 28, 2010 – 6:36 pm


There has been little in economic news this week but a lot of earnings reports. Yesterday the consumer confidence report, which is not a major driver of anything in the stock market but is of interest, came in with a rise to 67.9 from 52.3 in March. The problem with this report is it has not been able to tell us much about the future, just the past. Still it is nice that it is moving up.

The market is reacting to the debt problems in Europe and though the Goldman Sachs hearing is in the news it is much to do about nothing when placed against the backdrop of our economy and the European debt crisis.

The Fed meets today and there is no doubt they will leave interest rates alone but there will be close attention paid to the bias in the accompanying statement they will release.

The market appears to be sputtering, something that should have been expected as earnings season winds down in the next couple weeks. Is it sputtering before a correction or sputtering before the next move up?

Good Trading
Steve Peasley

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