The Coming Week: Market Feeling No Pain After Shots of Good Economic News
The old thinking that sneaked back into the market these last few weeks has some staying power. Other rallies of this type in the last eight months had been tossed onto the curb after only two shots of tequila.
This rally has a stronger stomach, many market watchers say. Investors are beginning to shift from simply hoping that the gains witnessed in equities aren't compacted within the span of a couple of hours to thinking about maintaining rallies. They're also starting to react positively to positive economic data.
"Psychology is turning: We're trading at a level where we can hold on to positions for a longer time without a blowup," said Sam Ginzburg, director of equity trading at Gruntal.
The bullishness isn't overwhelming anybody, but pessimism has been beaten back. Whether the rallies advance is grounded in theoretical stuff such as valuations and more base concerns, such as Friday's
Disrespecting the BingUntil the economic data can be sufficiently parsed, however, the market might spend some time combing through some of these individual rallies. Strategists believe technical levels are going to be tested to see whether there's enough established demand at the current levels on the
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