The Week Ahead: Have Investors Dodged The Bullet?
Jeff Miller | Jul 14, 2013 04:35AM ET
In last week's prediction for the week ahead my streak of good guesses came to an end. I had the temerity to suggest that market focus might finally be moving beyond the Fed policy/QE debate and turning to corporate earnings. While earnings provided some important stories, the biggest news came when the market ignored the slightly bearish Fed minutes and found comfort in a few words from Chairman Bernanke. While many of us saw nothing new, it is a matter of perception. I described the three schools of thought in this post. The trader school finally got the message this week, causing media types to conclude that he must have said something different or the markets would not be moving. Sheesh!
Is the Fed fixation finally behind us? In a week where Bernanke testifies before Congress, the Beige book comes out, and Fed Presidents are on the rubber-chicken circuit, this seems like a dangerous prediction. Undaunted, I will try again. This week's key question will be all about new records in stocks and the lessons for corporate earnings reports. In particular, people will be asking:
Have we dodged the bullet?
Was the modest June swoon the extent of the market correction, or is there something else to fear? Ed Yardeni here .
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