Spring is here and markets around the globe have yet to pull back to any significant degree. Issues in Egypt and Libya fill the media and the price of oil reacts. GDP and production numbers come out and markets react. Unemployment and inflation numbers come out and the political gears start turning. Earnings season goes on and investors take notice.
All of these things are taking place and markets steam ahead. Once real growth comes back to the US economy through jobs, markets are simply getting ahead of themselves. If stock markets are a leading indicator of economic performance to come, then market participants are now trying to 'time' the markets. Who knows if current market trends will continue, but it's important to remember that current market prices seem overvalued at present given that unemployment is still uncomfortably high and doesn't show signs of decreasing anytime soon. As well, if the price of oil continues to increase due to unrest in geo-politics and new issues will no doubt continuously emerge. Will markets continue their recent rise? We think not.
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