The above link updates our correction history.
The current correction, at which the SP 500 peaked at 1,991, is still “in process” until the SP 500 takes out that key level.
Today’s market action with the Dow +105 (as this is being written), and the SP 500 +14 to 1947.65 certainly looks good now.
1,947 for the SP 500 is roughly the 50% level of the current 7/24/14, 1,991 high for the SP 500, and last week’s 8/17/14, 1,904 low.
Our Weekly Earnings Update found here is still flashing very much green for the prospect for stock prices.
The fact that q4 ’14 earnings growth for the SP 500 has now been revised higher since both July 1 and April 1 ’14.
Even 2015’s expected earnings growth has been stable over the last 6 months, versus steady downward revisions over the last 3 years.
SP 500 earnings are just one metric, but an important one…
Trinity Asset management, Inc. by:
Brian Gilmartin, CFA
Portfolio manager