We dive into the thick of earnings season with somewhere around 600 companies reporting earnings this week! So this week we should get a real good read on what is happening in corporate America.
Last weekend just about everyone was bearish…and now we know how that turned out. But this weekend everyone is bullish! Should we expect a down week then?
One of the big bull pushers last week were the housing starts number…but no one is discussing any housing completion numbers, which are way down. This only means that contractors and/or home owners can’t get loans to finish or to buy a house. I also heard that 1 out of 5 homes in Florida are in some stage of foreclosure. This doesn’t sit well with me, sorta scary.
Unemployment still hasn’t stopped. I live in Ohio and this state’s unemployment is 11.1%. Michigan next door is over 15%….and I hear there are 4 other states over 15% and 15 states over 10% 
And where can employment come from? Corporations will need to continue to layoff workers to continue to get earnings. Looks like only the government will be employing soon, so how will we increase tax receipts by taxing government employee paychecks which already comes from tax dollars. Anybody see a chicken/egg kinda question forming here?
The VIX hasn’t been this low since last September…..y’know, just before the markets collapsed…kinda scary. And one last thing I noticed while looking at charts this evening….The Monday after June option expiration was a BIG down day: Dow down -2.4%, Nasdaq -3.4%, S&P -3.1%, QQQQ -3%. Tomorrow should be fun, but aren’t they all?
Mine is not to wonder why, mine is just to chart and buy. 
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