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The market continues to climb a wall of worry. There were solid reasons to see a more significant pullback last week due to the escalation in the Middle East. The market barely blinked. We just saw another sector rotation, which this time benefited the enterprise software sector.
Granted, there are some signs of momentum exhaustion and I would not be surprised to see a short-term consolidation but for the most part, dip buyers are still in control and pullback are buying opportunities.
The new earnings season starts this week with the big banks reporting – JP Morgan, Bank of America, Goldman Sach. As usual, the market reaction will matter more than the actual numbers.
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