Dear Bernanke - You Can't Have Your Cake And Eat It Too
New Market Records, Quarterly Review, And What's Next
Who's Selling And Who's Buying As The Dow Trades In Record Territory?
Going into earnings I was little pessimistic. The last 3 months much of the economy has slowed, hiring has slowed and jobless claims were not dropping like in January and February. So far earnings have been a little surprising. JP Morgan and Wells Fargo last week did exceptional for banks, and now some of the tech firms like Intel and IBM (announced after the bell) look to bring a pretty decent profit.
The market reaction to the Fed today was not surprising given the state of things in the US Economy. I would say were in a soft spot, where there is not very much growth, but its not disastrous enough to warrant the Fed stepping in and buying up treasuries.
Ben did say that he would entertain the idea if the job situation here in the US did not get better. The Fed's forecast for growth was revised downward, but still growing. The problem is... (see the rest at CMT Trader)
The markets started out this morning in positive territory. There was a bump about mid morning after euro-zone finance ministers agreed to make €30 billion ($36.94 billion) in aid available for Spain's banking industry and extended time to help them reach deficit targets.
Then there was the usual nervousness as the market ...
Over the last month, despite European debt concerns, and not so hot job reports the SPY has seem to have found a bullish stride. Please do not mistake me for being overly bullish because there is still much in the way uncertainty that is overshadowing this market.
The news this week will be mostly about earnings. Alcoa announces after hours today and then some big names come later in the week like JP Morgan Wells Fargo, and IBM. Earnings should be ...