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Time to Take a Stand

June 24, 2011 – 5:17 pm

This morning we had better news than expected from the Durable Goods report which bounced back from a shrinkage in April to growth of 1.9%. That is not a strong number but better than expected and is still growth. Also the final revision of GDP growth for the first quarter came in at 1.9% growth instead of 1.8%.

Those numbers are a bit of a relief but oil prices and the solution to the Greek debt problem are more important. Oil is falling and the Greek issue may be behind us and will begin to fade. That is all to the good, but we still have issues to deal with. QE2 is ending so interest rates may rise as a result and the U.S. debt ceiling debate will be with us until August unless Democrats and Republicans can agree to something sooner.

At the very least the market will remain volatile but is due for at least a bounce. Earnings season and the jobs report early next month will give us some direction.

It is always difficult, just more so in the summer and of course we are facing not only the end of the month but the end of the quarter. Traders are more active during both. Again it is going to be volatile but will it be good or bad volatility? We think it is time to buy, not run from the market. Stock prices are cheap!

Good Trading
Steve Peasley

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