We are at that time again where the bears are saying that we are ready to rollover because we cant make definitive new highs, and the bulls will argue that the market is just consolidating before the next move up. I am in the camp of the latter and think we may start moving higher soon.
The only fly in my ointment is that earnings are coming again soon, and I detest earnings season.
U.S. stocks ended lower on Thursday, as Greece’s bailout talks with creditors appeared set to stretch into the weekend. For the year, the Dow has added 0.38% and the S&P 500 has gained 2.11%. The S&P has gone for 174 straight trading days without pulling back at least 5% from a recent high, the longest such period since 2004.
We are in the season of “summer doldrums” with earnings season on the horizon. It’s typically not a time that favors trading aggressively long or short, so don’t get caught leaning to aggressive in either direction.
I am adding a new stock tonight.
Buy RGEN at the 41.80 level.
