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MARKET WRAP – IT’S ALL ABOUT INTEL

14 July 2009 by Cullen Roche 1 Comment

The market was quiet all day as investors tried to digest yesterday’s huge move in the indices.  The S&P closed the day higher by 0.5% in very light trading.  Oil closed down 0.5%, gold closed up marginally and natural gas closed up almost 6%.  The real news of the day comes in the after hours market as Intel absolutely crushes the pitiful analysts and their tiny estimates.   They beat top and bottom line estimates handily and issued positive guidance.  Stock futures are ramping over 1% on the news and oil futures have reversed.  The “better than expected” earnings trade is looking better by the second.  Expect this rally to have some follow-thru.   The market is going to love this news and the high beta tech sector will be the leader during the next few weeks.

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Comments
  • gregg

    I read that Intel results were so good because of Asia, in particular, China. Elsewhere things were pretty weak. I wonder if that somehow fits in with your China bubble post? Doesn’t matter, like you said, the market gonna love it.

    07/15/2009 at 3:44 AM