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Equities held flat last week with the S&P500 (SPY) finishing down -0.7%. Interestingly, more good economic news on Friday was not enough to push the market back higher as Energy and Materials pulled back fairly hard on dollar strength. Intermediate-term technical indications look set to roll over, although it still feels early to make that call as what we've seen so far could still be categorized as choppy consolidation.
Meanwhile, Small-Cap Growth (PWT) and the Transports (IYT) look best positioned for at least a comeback bounce, though Dow Theorists may feel differently about that disparity....
Week Forty-Four of 2009 features a very busy economic calendar featuring Third-Quarter Gross Domestic Product on Thursday:
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Enjoy your weekend!
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