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The Market Struggles

July 18, 2011 – 5:02 pm

Gold rises above $1,600 an ounce and oil falls to $95 per barrel as the market struggles this morning despite good earning numbers from various companies. This week over half of the DOW 30 will be releasing their results, but with the debt ceiling issue still front page news it will be a struggle for the stock market to move higher.

During the week we will have the June existing home sales and new home starts reported. The experts are looking for a small recovery from very low numbers for both reports. June’s Leading Economic Indicators report will be released on Thursday which will give us a hint on the strength of the economy for the next few months.

For the short term it’s a tug of war which the market won’t win until the debt ceiling issue is behind us. One way or another it will end. When that happens the market will breathe a sigh of relief.

Good Trading
Steve Peasley

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