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The good news is the S&P 500 did move lower yesterday but only made it to the top of the target range before going into a holding pattern prior the FOMC minutes. After the minutes were released, the market rose in a pretty steady manner making it likely that the corrective move from May 14th is complete and ready to start a new leg up. Today, will look for 2725 or 2719 SPX to hold as support in the morning before moving on up toward the May 14th high and beyond.
Starting the weekly post with some musings on two ETFs that cover large cap European equities, the SPDR Euro Stoxx 50 ETF (FEZ), and the iShares MSCI EMU ETF (EZU). FEZ is the narrower of the two in that it is only the 50 of the biggest companies in Europe and EMU a more broad selection of large cap but there is obviously a lot of overlap between the two. They both paint a picture that says that valuations of large cap in Europe have not fully recovered from the 2007 financial crises and that they are late in their bounces, in fact, I think you can make a case for European large cap may be over. I'm open to the idea of these beginning to roll over and the US equity indices continue on to a new high later in the year.
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