In This Issue:
Rally blasts up...
Leaders fall behind...
An earnings-deficient recovery?
Construction spending, ISM and jobs improve
Last hurrah, then seven lean years?
Elliott Wave SPX Perspective
Quote of the week
"In the U.S., the total market value of housing, commercial real estate, and stocks was about $50 trillion at the peak and fell below $30 trillion at the low. The original $50 trillion of perceived wealth supported $25 trillion of debt. This loss of $20-$23 trillion of perceived wealth in the U.S. alone is still enough to deliver a life-changing shock for hundreds of millions of people."
- Jeremy Grantham in the GMO Quarterly Newsletter May 2009
Rally blasts up...
This rally re-ignited to finish its ninth week of gains pushing the S&P500 up 36% from its March 6 low. More interesting perhaps is the fact that the SPX is showing its first gains for 2009. And stocks are even more overbought than there were last week....