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By The Numbers

October 13, 2010 – 5:11 pm

Solid earnings numbers from Intel and JP Morgan sparked the market this morning. Both companies beat expectations. It wasn’t an impressive beat but as one is a leader in the chip industry and the other a leader in banking it certainly sets the mood for those two industries and the broader economy.

We are beginning the serious part of earnings season as the market looks for signs of resiliency in the economy and they do that by studying the earnings and more importantly the guidance for the next quarter. Railroad operator CSX, another large company that can be used as an indicator of the strength or
weakness of the economy reported a 43% rise in third quarter profits as well as gains in shipment volume. They are the first of the railroads to report.

And we have to give a nod to China as their currency reserves increased last month which provided the catalyst for Asian markets that rose sharply overnight and is now overlapping to our market.

The market is creeping higher adding to gains made in September.

Good Trading
Steve Peasley

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