Market Watch with Tom Waitt

July_11th_2012(1).mp3 High Road, Low Road    The S&P 500 stock index has doubled from the lows set in 2009. Fear and bearish forecasts still surrounded equity markets. We are currently within 2% of 2011 highs high and 5.6% off our 2012 high.   S&P 500 Index (Click For Larger Picture) European woes and Global debt concerns, continue to plaque equity markets. News media and many market pundits remain negative. Pessimism is rampant, the fiscal cliff, the U.S. debt ceiling, Chinese accounting, Russian corruption, U.S. political impasse, Arab spring implosion, Bank reforms and Iran. The S&P 500 Index which has had a series of higher highs and higher lows currently 1,343.41 trapped between near term support of 1287.62 and resistance of 1440.22. A challenge of the all time high on the S&P 500 (1576.59) is inline with the wider uptrend of 1563.55. Current drift needs energy, volumes are low and confidence is non existent. Despite the pattern of higher highs and l