By Thierry Laduguie | Friday 25 July 2014
Sentiment is no longer bearish but we can't say that sentiment is bullish because the 34-day BTI is still declining. Sentiment will turn bullish when both indicators, BTI and 34-day BTI are up. Yesterday we saw some good economic numbers from China and Europe and (manufacturing PMIs), mixed numbers in the US and weak retail sales in the UK. In the US better jobless claims was offset by weaker than expected new home sales. Overall the news was positive, the S&P 500 set another record closing high. Earnings reports have been well received, they have provided the fuel to the recent rally. The question is what will happen when the earnings season draws to a close? I guess investors will turn to valuations and geopolitical risks and the stock market will decline. This could happen in early August.
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