Archive for January, 2010
Wednesday, January 27th, 2010
Market Direction
The news that appears to be moving stocks is away from Wall Street. Trouble over Bernanke’s reappointment, Geithner under fire concerning the massive money spent on the AIG bailout and the concern over the President’s first State of the Union message tonight all seem to be resulting in a hesitation in the market this week. It can’t decide on a direction this week so far.
Earnings are still pouring in for the fourth quarter and they are very good, but that’s old news. What will set the new direction? It probably won’t be earnings news. It will have to be further signs of a recovering economy, but we won’t see that kind of news until next week and the week after. This Friday we will get the first look at the fourth quarter GDP. It will be up and strongly compared to previous quarters, but that too is backward looking.
The market looks forward and at this point it is hard to determine what it will react to. We had a 5% correction last week which is a minimum correction. The market is on a knife edge. Will it correct to a more normal 10% or regain its footing? We will have to wait and see.
Good Trading
Steve Peasley
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Tuesday, January 26th, 2010
Today’s Stocks & Topics: Social Security, (HURN) Huron Consulting Group Inc., Investing, (KLAC) KLA-Tencor Corp., (ARST) Arc Sight Inc.
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Tuesday, January 26th, 2010
The economic calendar is light until Friday this week. The interesting number this morning is December’s Existing Homes Sales report. The number was supposed to come in less than November because of the expiration of the home buyer credit. Of course that credit was extended but there were a few weeks where it was not in place. Sales fell more than expected, 17% month over month, but there wasn’t much reaction.
This is the last major fourth quarter earnings report week with Apple, Amgen and Texas Instruments reporting tonight after hours. After last week’s 5% correction the investors are wondering if earnings will turn it around. Last week the earnings were very good but that seemed not to matter.
This morning the market is taking comfort in a probable Bernanke reappointment and maybe an end, or at least a slow down, in the profit taking of last week.
At the very least we had a better start for the week in stock prices this morning. Will it last?
Good Trading
Steve Peasley
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Monday, January 25th, 2010
Today’s Stocks & Topics: (TSM) Taiwan Semiconductor Manufacturing Co., (SLV) iShares Silver Trust ETF., (PDLI) PDL Biopharma Inc., (GOOG) Google Inc., Pull Back, First Time Investor, Real Estate.
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Friday, January 22nd, 2010
Today’s Stocks & Topics: (AUERX) Auer Growth, Bear Market, Trust Certificates, The Stock Market, (T) AT&T Inc., (GS) Goldman Sachs Group Inc., 500 Day Moving Average, (PRU) Prudential Financial Inc., Mortgage, (PNX) Phoenix Companies Inc.
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The news that appears to be moving stocks is away from Wall Street. Trouble over Bernanke’s reappointment, Geithner under fire concerning the massive money spent on the AIG bailout and the concern over the President’s first State of the Union message tonight all seem to be resulting in a hesitation in the market this week. It can’t decide on a direction this week so far.
