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But with stockmarket valuations still stretched to, or beyond, reasonable limits, any disappointing news on profits could prompt a disproportionately large correction.
ECONOMIST: The Asian effect
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The second quarter started with a large correction, on the back of eurozone fears and much pessimism about structural impediments to Brazilian growth.
FORBES: Brazil's Star Power Dims, Economic Growth Weaker Than U.S.
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The eternally bearish David Rosenberg at Gluskin Sheff saw a large equity correction and a violent shift onto safer-Treasuries (thus sending yields diving).
FORBES: Don't Expect Any Big Moves After QE2, Says RBS Strategist
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Then came a large downward correction as those accommodation hopes were quashed by subsequent Fed comments and three straight monthly U.S. non-farm payroll gains in excess of 200, 000 jobs.
FORBES: FOCUS: Bernanke Offers No Specific Hints At Further Stimulus; Gold Falls Sub $1,600/Oz
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Among my reasons, I noted that volume in the rally was very light compared to the volume on the down-days during the correction, which indicated insiders and large institutional investors who were selling during the correction, were not believers in the sustainability of the rally and were not participating, more likely waiting to begin selling again when the rally ends.
FORBES: Jobs Report Rains On Soft Spot Hopes
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That indicates that large institutional investors selling during the correction, are not believers in the sustainability of the rally and are not participating.
FORBES: Summer Rally Arrives On Schedule With A Big But
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The current downturn, correction, whatever, is an opportunity to add to the large, long-term, solid dividend payers in my portfolio at cheap prices.
FORBES: Six Month Outlook: Stocks Will Remain Flat
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We get yet another chance to determine if the Fed and its foreign counterparts are superhuman saviors of all things economic, or simply bunglers with very large pocketbooks that have staved off but not reduced the chances of a tremendous economic and market correction.
FORBES: Fed Down To Last Out, Bernanke Set To Go Down Swinging