This is Sheraz Mian filling in for Steve Reitmeister while he's on vacation.
Stocks were broadly under pressure last week as investors remained uncertain about the economic picture. In such a hazy environment, even seemingly smaller negatives can trump more reassuring positives. A case in point, Friday's inline CPI, positive consumer confidence and strong European GDP numbers were offset by concerns about Greek debt restructuring (meaning default).
But it wasn't really Greece that prompted the dollar strength and resulting sell-off in commodities and stocks, notwithstanding the headlines to that extent. Greece served as an excuse for a market anxious about the economy's growth momentum. And as I mentioned here recently, these anxieties are here to stay for a while.
It isn't unusual in times like these for the market's day-to-day moves to not make much sense. But don't lose sight of the big picture, which remains very favorable for stocks. And that favorable big picture is comprised of a solid earnings outlook, a still supportive interest rate environment and very reasonable valuations. If you stay focused and disciplined, you are sure to come out ahead in the end.
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