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January 15, 2010 – 10:28 am

The economic news this morning showed a stronger than expected industrial production for December and a very muted CPI telling us inflation is still nowhere to be seen. These are further signs of a weak but stabilizing economy. Don’t be fooled by the next GDP report for December. It is going to be up sharply but that is not going to tell the story. We should get that number next week.

On the earnings front Intel and JP Morgan reported last night with surprising strength for both of them and a very good outlook for the next quarter. Up to now the earnings this week were not impressive but with these two large bellwether companies beating expectations which were already fairly high, the traders are breathing a sigh of relief. Of course it doesn’t seem to helping the market this morning.

Next week a flood of numbers will be reported and this will give us a better picture of the earnings for last quarter.

Meanwhile the market is struggling higher. The indexes are higher this week but just barely and with little strength. Still it is far better to be in than out of equities at this point. The trend is still in place.

Good Trading
Steve Peasley

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