Last week, on Thursday, fear was nowhere to be found on the CNN Fear & Greed Index; closing at 95 on a scale of zero to 100 – a score deemed to be “extreme greed. Gordon Gekko preached GREED, but admitted that its not good when it gets extreme. As with pride, another of the seven deadly sins, greed often goeth before a fall when it comes to markets.
Thursday also was the sixth consecutive day on which the Standard & Poor’s 500 index ended at a record, the longest such skein since the eight straight record closes through June 17, 1997, during the dot-com days.
On Friday, the streak ended—just barely—as the U.S. large-capitalization benchmark dipped 0.1%. On the week, however, the index added 1.2% for its fourth straight winning week.
So Where are we going as we get ready to enter into Q3 Earnings?