The Phaserl


The Week of 7/22

from Armstrong Economics:

The Dow has been inching higher but has been unable to reach the major resistance area that we have outlined at the 16000 level. Many markets have reached a temporary high this week and the next two weeks will now become interesting. The fact that the Dow has backed off to some extent and has been unable to blast through to a good isolated spike high, remains encouraging for the long-term.

The Dow will be the primary focus that the Fed will pay attention to. As I have stated many times before, the only time Congress gets upset is not over housing prices or the collapse in real estate or even bonds, but the stock market that impacts their personal portfolios. Congress has been exempt even from insider trading. So it is the stock market that they focus on. The Fed will raise inter rates when the Dow starts to breakout after September and they will misunderstand the rally attributing this to investment rather than a shift in capital flows to preserve capital.

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