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A Better Start

January 26, 2010 – 11:51 am

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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