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Looking Forward

April 15, 2009 – 1:55 pm

Earnings and statistics are pouring in. Intel had great numbers but refused to give any guidance for the future. That makes investors nervous but you can’t blame them. If they guide too high they will be sued by class action lawyers; too low and they will crash their stock price and still may be sued.  All CEOs should stop giving any guidance in this litigious society.

Industrial production was lower than expected and so was factory utilization so that did not help this morning but the market took it in stride.  Bad news is not affecting the market as much as it used to.  Retail sales yesterday were also down a full 1% which was a surprise and as we saw, that surprise did push stock prices lower.  Investors and traders do not like surprises.

China will report its first quarter GDP numbers tonight.  The expectation is for growth of around 6%. For China that is low.  However, most experts see this is the lowest it will go for China as there is strong evidence that their economy is rebounding both domestically and in its exports.

The stock market is likely to pull back a little but it appears the bottom is in and any pullback is an opportunity to enter the market.

Good Trading
Steve Peasley

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