While we continue to see some bearish signals in the market, there is nothing that is worrying us too much in terms of the rally being called off. This consolidation we are seeing in the market is simply part of the trend in our minds. We remain bullish until something major causes us to break away from that line of thinking.
As far as earnings this week and next, we have many of the big tech names reporting which should certainly give the market some direction going forward. Another major event that is taking place this week is the FOMC meeting scheduled for July 26. As is usually the case with these meetings, we should see some volatility come back to the market.
Whether rates are going to continue to be raised or whether the Fed announces an ease in raising them, this announcement should also give us some direction, especially in the days following the announcement.
VanEck Oil Services ETF (OIH)
We spoke yesterday about another energy play we were seeing developing in the market with oil prices seemingly getting stronger and stronger. If oil continues to…
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