12:50pm (EST)
There are a number of stories we could tackle but all the action will start after the close as 2 heavy-hitters step up to the earnings plate. We covered International Business Machines (IBM, $194.96, up $0.49 and Google’s (GOOG, $699.12, down $5.39) numbers this mornings as well as a few others and the news before the bell was good.
There were a number of Dow companies that reported results this morning and the numbers were ahead of expectations for the most part. Overall, there will be nearly 85 S&P 500 companies confessing to Wall Street this week that will likely take the index past 1,500 or back down to a retest of 1,450.
We talked about “fluff” targets this morning and while we can give ourselves a pat on the back for sticking to our bullish thesis from mid-December, picking a market top is never easy. We were questioned many times why we were still bullish over the past 30 days when everyone was bearish and calling for a pullback. The reason was simple. We do our homework.
We normally wait until the end of January to “predict” where the market will be by yearend and this week will be an important piece to the puzzle. It is a lot easier to try to predict 1-3 month time frames for the market or even a week or two but there is always headline risk and the zombie activities to factor-in.
We said last week we haven’t seen a “blow off” top type of rally and there is a good chance we get one if Google and Apple (AAPL, $499.51, down $0.49) can deliver a 1-2 punch for the bulls. Of course, there could be a huge disappointment with either company but we think the bar has been set so low for both that they will beat estimates.
As we head to press, the Dow is up 29 points to 13,678 while the S&P 500 is higher by 2 points to 1,487. The Nasdaq is off 4 points to 3,130.
We will leave it there for now as we want to get our subscribers to the Members Area to check our current trades. We have a nice mixture of short AND long-term trades so we are well positioned to play a breakout and we have bought some time in case there is volatility this week.
We will be back in the morning with a full report and make sure you watch the action after the close.
This entry was posted
on Tuesday, January 22nd, 2013 at 12:57 PM and is filed under Market Analysis, Market Commentary.
You can follow any responses to this entry through the RSS 2.0 feed.
Both comments and pings are currently closed.
Flat Action and a Tight Range
12:50pm (EST)
There are a number of stories we could tackle but all the action will start after the close as 2 heavy-hitters step up to the earnings plate. We covered International Business Machines (IBM, $194.96, up $0.49 and Google’s (GOOG, $699.12, down $5.39) numbers this mornings as well as a few others and the news before the bell was good.
There were a number of Dow companies that reported results this morning and the numbers were ahead of expectations for the most part. Overall, there will be nearly 85 S&P 500 companies confessing to Wall Street this week that will likely take the index past 1,500 or back down to a retest of 1,450.
We talked about “fluff” targets this morning and while we can give ourselves a pat on the back for sticking to our bullish thesis from mid-December, picking a market top is never easy. We were questioned many times why we were still bullish over the past 30 days when everyone was bearish and calling for a pullback. The reason was simple. We do our homework.
We normally wait until the end of January to “predict” where the market will be by yearend and this week will be an important piece to the puzzle. It is a lot easier to try to predict 1-3 month time frames for the market or even a week or two but there is always headline risk and the zombie activities to factor-in.
We said last week we haven’t seen a “blow off” top type of rally and there is a good chance we get one if Google and Apple (AAPL, $499.51, down $0.49) can deliver a 1-2 punch for the bulls. Of course, there could be a huge disappointment with either company but we think the bar has been set so low for both that they will beat estimates.
As we head to press, the Dow is up 29 points to 13,678 while the S&P 500 is higher by 2 points to 1,487. The Nasdaq is off 4 points to 3,130.
We will leave it there for now as we want to get our subscribers to the Members Area to check our current trades. We have a nice mixture of short AND long-term trades so we are well positioned to play a breakout and we have bought some time in case there is volatility this week.
We will be back in the morning with a full report and make sure you watch the action after the close.
This entry was posted on Tuesday, January 22nd, 2013 at 12:57 PM and is filed under Market Analysis, Market Commentary. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.