Forbes - Markets
The Week Ahead: Will European Stocks Bottom First?
The extensive speech Thursday by Fed Chair Janet Yellen calmed the global markets early Friday as the European markets opened strong as did the US markets. Some positive earnings after Thursday's close also were a plus as it had been a rough weak for the stock market.
The surprise resignation of John Boehner early Friday morning did raise the level uncertainty as we head into this week's debt deadline. In early September's column " The Week Ahead: Time To Join The Bear Market Camp?" I commented on the further deterioration in the market's technical outlook but concluded that it was too early for me to join the bear market camp.
The German Dax index peaked on April 10th after leading the S&P 500 higher all year. In contrast the S&P 500 made its closing high on May 21st. The Dax made a new closing low on Thursday September 24th and so far the S&P 500 has not closed below the August 26th low of 1867.
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