DOW again tested the 11,000 resistance. I thought there will be a slight correction but that's really a slight dip (where's the correction??). It seems that investors are lapping up stocks once that dip came. However it seems that low volume movement seems to be the new trend and seems no one dared to short the market. I'm not complaining if this new trend is very sustainable.Probably the reason of a low volume is that there is still fear of the repeat of 2007 run up of stocks. You should know what happened after that year which is the fall of Lehman Brothers. This year the fear is that there is another fall - Greece. Hence retail investors are still on the sidelines.
Next week will be the start of earnings!
MONDAY: Earnings from Alcoa
TUESDAY: Trade balance; import/export prices; Fed's Lacker speaks; earnings from Intel
WEDNESDAY: Weekly mortgage apps; CPI; government's retail-sales report; Fed's Pianalto, Lacker, Warsh & Fisher speak; business inventories, crude inventories; beige book; earnings from JPMorgan Chase
THURSDAY: Taxes due; Empire state manufacturing survey; industrial production; Philly Fed report; Fed's Lacker, Bullard & Lockhart speak; housing-market index; earnings from Google, AMD
FRIDAY: State unemployment rates; housing starts; Fed's Warsh speaks; consumer sentiment; earnings from Bank of America, GE, Mattel & Gannett
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