U.S. stocks are setting up for a strong upward open this morning, as analysts are raising profit expectations for U.S. corporations. A global rally is underway, which should help to erase at least a quarter of last week's losses.
At this writing, S&P 500 futures are up over 13 points and the Dow Industrial futures are up over 100 points. The Euro and Pound are also trading higher against the Dollar.
It is notable that the psychology of the market seemed to shift to a very bearish outlook in recent weeks as the market tumbled. This suggests a rally may be in order, as the market became oversold. Earnings will drive stock prices in coming weeks as corporations report 2nd quarter earnings.
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