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Stock Market Update
The popular averages closed to the upside on Monday. Construction spending rose less than expected in March. The April ISM and Markit PMI outlooks for manufacturing barely suggested acceleration. A bank survey by the Fed indicated deterioration of credit worthiness for businesses and consumers in areas dependent on fossil fuel industries. Meanwhile the price of crude oil fell while that for gold rose on Monday.
Above is my 3-
The extreme bearish sentiment expressed by media pundits and investment advisers during the early weeks of this year may have resulted in many retail investors unloading stock positions or selling short at ridiculously cheap prices and setting up bargains for those unafraid to take advantage. Their actions may have caused the formation of a beautiful W-
The SPY met some resistance at its 50-
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