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Fundranker Blog—Bullish July

Bullish July

After the market hit 2010 lows in early July, the fragile bull market began to assert itself. As of July 23, the S&P 500 Index (as measured by Fidelity’s Spartan 500 Index - Investor Class Fund) emerged from correction territory, down 8.9% from its bull market high reached in April. The Nasdaq Composite Index (as measured by Fidelity’s Nasdaq Composite Index Fund) and Fundranker’s Top Eight Model Portfolio, down 10.1% and 13.3%, respectively, from their bull market highs reached in April, don’t lack much to emerge from correction territory, as well.

Earnings season generally has been positive for the market so far in July, and more good results are expected from bellweathers such as Boeing, Chevron, and DuPont in the last week of July. The Federal Reserve’s Beige Book of economic conditions, new home sales, the Case-Schiller home price index, consumer confidence for July, durable goods orders, weekly initial jobless claims, and second-quarter GDP are all on tap to be reported during the last week of July, as well. Perhaps they will further relieve worries about a double dip recession, and the market will break definitively out of its summer doldrums.

Posted 7/24/10 6:59pm ET in Fundranker, Market