Major averages fell fractionally on lower volume which is welcomed as the market has been higher over several days so an expected rest point can be constructive. The market was able to recover most of its losses despite the World Bank cutting its full-year global growth forecast to 2.8% from 3.2%. This is an indication of resilience in the face of negative news. The flip side also applies as when the news is good and the market falls, it can be an indication of internal weakness.
This morning futures are down on fears that the current situation in Iraq, which stands on the verge of a civil war, will expand into a regional conflict which in turn could affect oil supplies and the global economy. In our view, pullbacks here should be used as buying opportunities as leading stocks pull into logical areas of support.
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