What a day…a great morning for bears and a great afternoon for bulls, as the markets recover from a triple-digit loss. What the $%@&*? And although price led the way up, market internals did not look so good. The high-beta stocks in the Nasdaq and the Russell reached new highs, but the blue chips in the Dow and the S&P did not! The NYSE closed in the red. Major indexes are trying hard but cannot break to new highs.
Earnings are a story also….There are a few exceptions, but, it looks like companies are still making profits from cost-cutting and not from higher sales. So unless jobs come around, where will topline growth come from? And just because some Euro boss said that Spain and Portugal would not be like Greece, traders drank the Kool-aid!
MSFT and AMZN sucked after the close. Futures started to go down right after the cash close. Not that any of the reports have been bad, it’s just because they haven’t been as great as the run-up in price.
Not too many reports tomorrow and eco-news is light also. So…maybe the bears can accomplish what they need to do, bring down this market. Here’s some interesting reading in the GS bullshit….
That’s exactly the problem I have with SEC’s case. When you buy a call option, do you scream foul when you discover the guy who sells you the call is bearish on the stock? If Goldman clearly disclosed what was in the Abacus portfolio, why does it matter who selects them?
Goldman Is Tarnished, but Don’t Write It Off. You may need to sign up for a preview to read the entire article, but a subscription to Barron’s is not a bad thing.
Sometimes, entranced by the screens, watching equities, options and futures change colors, charts moving in a wave, and indicators pointing in every direction, I just have to scream....
