Last week saw a powerful "stimulus induced" upswing that actually left the NASDAQ 100 positive on the year (QQQQ +7.9%). This was particularly impressive set against the backdrop of the highest unemployment levels reported since 1974 (US News - Labor Report).
In fact, every single one of the tracked sectors and styles ended higher on the week and near breakout levels. By the same token, as we head into the middle of the month with so many indices now well into overbought territory, much will clearly hinge on the market's reaction to Monday's Treasury Announcements and Stimulus Plan Vote (Bloomberg Links). Will February finally provide traders with a breakout of the multi-month range? With the economy still accelerating to the downside, bets will certainly be placed both ways.
Week Seven of 2009 features the following reporting calendars:
Enjoy your weekend!
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