20 which contrasts with the downturn of the past two weeks

Wall Street has resisted the shock of unemployment beyond the symbolic bar of 10 in the United States, the highest since 1983. After a hesitant session, the Dow Jones index ended up slightly Friday, with so his weekly rebound to 3.20, which contrasts with the downturn of the past two weeks.

This does not mean that the proponents of the increase outweighed supporters of the decline. There are long that operators, managers, and analysts have had also divided on the course. Many, Optimists believe that the market can only continue its rise. Other, more pessimistic, but also many, believe that the economic recovery is behind the remedy stock indices, condemning an inevitable correction before that they can resume their March forward.

Since now several weeks, "bullish" and "bearish" compete with economic statistics without that none of the two camps can actually take the ascendant. While announcements of results for the third quarter are brought by a significant percentage of companies that beat earnings estimates, investors focused on macro - economic data, were almost indifferent to the good figures, particularly from technology companies.

Obviously, the market is looking for a new catalyst to regain a clear orientation. In the immediate future, should undoubtedly wait several days to see a little more clear. Cut off by the celebrations of November 11, the week that opens hosted little in terms of economic in the United States before Friday indicators, day which will be published simultaneously index of consumer confidence from the University of Michigan for the month of November, the October import prices and balance trade for September.

Transition phase

Obviously, the market trend is currently in a phase of transition. If the market can still hear unpleasant sessions in the coming days, the recent declining indices, which are revenue 5 to 7 below their more senior, appears so far more than that basic corrective nature. The economic recovery is at work, but still it appears fragile poorly seen central banks from the G7 countries not yet maintain a time accommodating monetary policy. In this regard, many interventions of the members of the Federal Reserve and its regional branches planned this week will be examined with the utmost attention, both the action of the US Central Bank, which upheld the week passed in a quasi-status quo on its very flexible position on monetary policy, is a central element in the debate on the direction of the market trend. Because, in view of the weakening of the banking systems, the recovery process needs an increase in asset prices Dynamics work. "Paradoxically, low inflation and little labour markets are the perfect combination for a more sustainable appreciation of equity markets," thus consider the managers of JPMorgan Asset Management.

Worn by the resurgence of merger-acquisition operations, the end of the period of quarterly publications of companies - which should reduce the volatility - and the existence of abundant liquidity - factor supported the approach of the skins of balance sheets for year-end-, the stock markets could be a rebound in November, may be as powerful as that observed during the first half of September. It is the opinion of Bruno de Kerviler, Mobiliar Council, which supports his reasoning on the discount of 10 to 15 that report current assessment levels for the stock markets. A flat, however. Because some graphical analysis advocates believe that the market may be still some corrections of the order of 7 or 8, time to go find levels able to revive the upward sequence that started in March.