The Week Ahead
The end of summer rally that brought the DOW within 110 points of its all time high lagged last week like a first-time, marathon runner hitting “the wall.” Though a correction of some measure was likely, the Philadelphia Fed’s report on economic indicators gave it an excuse. Treasuries rose, the dollar declined and stocks sagged. The measure of comfort was found in lower oil prices as crude dropped below $61.00 dollars a barrel.
The market is probably due for some more declines in the short term, but shouldn’t pull back too dramatically, said Paul Rabbit, president at Rabbit Capital Management for CNN Money. He noted that the tail end of a quarter can be challenging as companies tend to warn investors if quarterly earnings are on track to disappoint.
In addition the last week of September is often rough, the Stock Trader’s Almanac notes, in that its the end of the fiscal year for a lot of mutual funds, and so managers tend to sell their losers for tax purposes.
But beyond the next week or so, “I think we’ll see an upward bias,” Rabbit said.
This entry was posted on Sunday, September 24th, 2006 at 10:34 pm and is tagged with cnn money, upward bias, summer rally, marathon runner, philadelphia fed, quarterly earnings, stock trader, hitting the wall, cnn, economic indicators, treasuries, capital management, tax purposes, oil prices, declines, losers, fiscal year, mutual funds, almanac, dow. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback.
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