Kenneth Reid's blog
The market marked time on Tuesday, which is a victory considering that it had previously posted two days of stellar advance. As expected, however, financials have been dis-invited from the party. They need to use this bullish environment to recapitalize, which is dilutive for shareholders, limiting their appeal.
The market continued to punish the skeptics on Monday, with the S&P 500 advancing 2.5% to our initial target zone. Emerging markets, small-caps, energy and semiconductors led the way. The Dow closed virtually at breakeven for the year, while the S&P 500 is up 4% and the Nasdaq has posted a 15% gain year to date. Full Article
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