"The Stock Market is in a 2 week Downtrend" that is about to go into a major 'Reversal to the Upside' Why you ask? The bulk of the earnings season has started today and will go into full steam ahead for the next two weeks. So far earnings have only beat estimates by 5% overall but that is about to change & should go much higher now within the next 14 days which will give a much better picture of the market.
Also helping stocks going into the next two weeks is the falling US dollar which is making bonds unattractive compared to stocks coupled with rising inflation.
Last Wednesday, the Commerce Department announced that U.S. retail sales rose 0.4% in March. Excluding vehicle sales, core retail sales rose 0.8% in March. In the past 12 months, retail sales are up 7.1%, so consumer spending remains surprisingly strong, and this is despite higher gasoline prices.
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