MARKET COMMENT
Dave Fry at ETF Digest, January 27, 2009
Again bulls were able to effect a few “stick saves” as markets were wobbly early. But there’s something to be said for bulls who seem perfectly able to absorb a blizzard of bad news (Consumer Confidence at lowest level since records were maintained back to 1967 and home prices took a record dive). But, oh pish-posh let’s look at really good news on earnings shall we?
- AXP rose because if lost less money than feared. Great!
- TXN rose because earnings only fell 86% and they’re firing thousands. Great!
- X rose nearly 7% because it made a profit due to an acquisition. Wow, more accounting wizardry!
- NFLX rose sharply because consumers are retrenching and making their own popcorn and enjoying their big screens they bought with the last stimulus check.
- And lastly, but the most fun, were statements that the markets are now rising because financial companies are done reporting and, well, out of sight out of mind.
Volume was light today and breadth was positive.
So we wait whatever new tricks Ben & Co. have up their sleeves. We could have a Big Wednesday result. Bulls have plenty of incentive to try and save January.
I won’t be posting tomorrow as I’ll be in the air flying to DC. Perhaps I’ll have time to post something Thursday morning depending on whatever schedule ProShares has arranged for me.
Let’s see what happens.
Disclaimer: The ETF Digest maintains a position in GLD.
