Can Indices climb wall of worries ?

Many events are taking place this week, which may impact TAPE. They are given below :

-Fed Chief to testify Tuesday & Wednesday.

-Thursday Financial Stress Test & Capitalization report

-US GDP report

-Friday $85 Billion spending cuts comes into effect

All indices are trying to recover form selling which happened last week.

Monday looks like indices may have easy sailing but Tuesday it is all about Ben Bernanke testimony, i expect Fed Chief to be as diplomatic as ever & supportive of market.

Financial Stress test should be accommodating & may give boost to Banking sector.

US GDP report should be revised UP which will be positive for  equities.

Friday's deadline of $85 Billion spending cut may impact market on Thursday.Low level anxiety is prevailing over cuts. Defense sector is the one which is going to be hit hard.

All in all coming week may be positive overall.

S&P 500 may get a chance to challenge recent highs of 1530.94.

Market seems to back on track & hopefully we may see higher highs as we go forward.

BLOG does NOT give buy or sell.

Saleem