In spite of renewed worries over Spain by Friday, the S&P 500 (SPY) managed yet another higher close of about +0.8% on the week. While there is a great deal to be legitimately concerned about across the globe, for now markets continue to climb the proverbial wall-of-worry. On balance the major equity indices are technically in short-term neutral territory. If global concerns can be held at bay, sector imbalances between the overbought Energy and Utilities complexes relative to the oversold Financials and Small-Cap Value stocks may yet offer the opportunity for natural rotation and price advances into month-end.
[Week 30 Calendars: Economic | Reporting]
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