MARKET WRAP – UP,UP AND AWAY!
21 July 2009 by TPC
3 Comments
Stocks were up again today finishing the day 0.36% higher on better than expected earnings. Sounds familiar, right? Of course, the underlying earnings weren’t so strong, but we’ll leave the inevitable bagholders to deal with that in the weeks ahead. Economic data was light today and generally ignored. The Redbook retail sales report posted a 5.8% decline while the ICSC retail sales figure came in at -0.3% year over year. The market appears to be turning very complacent here. The bulk of the leaders and money center banks finish their earnings this week so it’s likely that this rally will lose its momentum heading into next week. Nonetheless, stocks are strong again to start the week off.
More on this topic
(What's this?)
Retail sales still falling bigtime
(The Swamp Report, 8/4/09)
Redbook: January Retail Sales Down -1.5% Vs December; Up 1.0% YoY, Miss Estimates
(Phil’s Stock World - Members S..., 2/2/10)
I am BACK!
(Daily US Stock Market Fundamenta..., 10/7/09)
THOUGHTS ON THIS MORNING’S DATA
(Phil’s Stock World - Members S..., 12/22/09)
The S&P 500 was down 1% to 943 during Bernanke’s testimony and then rocketed up to late in the day 955. The ten year treasury seems to have held onto the bulk of its gains. It is curious that BOTH treasuries and stocks were stronger. Could that be a lack of confirmation or something else. The dollar is more or less flat after strengthening a bit. Seems to have weakened on the strong market close.
It is also interesting to see that the Russel 2000 down by the same amount that the S&P and NASDAQ were up. The Russel 2000 was DOWN 2% at the same time that the S&P500 was down only 1% so I could get back to even on the late buying spree.
I guess we are beating all estimates. So the theme of this market is:
http://www.youtube.com/watch?v=ClVzdRuSWyw
or, a stairway to heaven?
http://www.youtube.com/watch?v=p7P9j7jwvJQ
MARKET QUOTES
THIS WEEKS MOST POPULAR STORIES
MARKET NEWS