Monday, August 10, 2009

mkt turnning weaker testing 1180 support level


Wall Street's rally could persist next week as investors' conviction grows that the U.S. economy is on track for a recovery. But retailers' results, CPI and other consumer data could cast a pall if shoppers fail to show signs of life.The focus will also be on the Federal Reserve, which will release a statement on Wednesday afternoon at the end of its two-day interest rate-setting meeting. Retail sales are released Thursday, and there are just a few major earnings reports, including Wal-Mart and several other chain stores."I suspect the market is going to retrace a little bit next week. I would be surprised if it didn't," said Tim Smalls of Execution LLC. "People keep saying there's a lot of money on the sidelines, waiting to come into the stock market. I'm not so sure. I think you need to have some kind of pull back, and then more people come into the market."Economic reports in the coming week include the NFIB small business survey which is released Tuesday, as are productivity and costs and wholesale trade.Wednesday's data includes international trade and the federal budget.On Thursday, weekly jobless claims, import prices and business inventories will be reported in addition to retail sales.Consumer prices for July, industrial production and consumer sentiment are released Friday.

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