Investors Business Daily reported today that the stock Nasdaq started a new rally on Friday. That’s great, I just don’t think the rally will be a strong one.
This Summer started off with a boom — to the downside. Lots of stocks got creamed in May after lowering guidance a bit. Profits set to come in a little-under-expectations meant the stocks dropped by a lot.
June has been quite boring, with little news and little stock movement. It feels like much of Wall Street is on an extended Summer vacation — no stocks are going anywhere.
I’m thinking this rally won’t amount to much. Sure its nice that things are trending higher, but this market doesn’t seem to have enough gas to mount a powerful move higher.
