- In Trade Chatter
- Last Updated: 18 January 2013
- By LA Little
Yesterday I pondered the possibility of a spill. We instead got a gap and go and didn't look back until the end of the day when INTC leaked their earnings just before the closing bell which put the futures and stocks in a tailspin into the close. Turns out INTC is down about 5% today as a result and it, along with a few other stocks that reported after the bell had futures under pressure most of the evening.
Now "under pressure" means that futures were down modestly since, in this market any selling is an excuse to buy and that's what we see happening again. The dip buyers are out in force and with the tech earnings coming next week why not for if they surprise the downbeat expectations then we really could goose higher as a result.
So, two weeks in, we are off to a galloping start again and all is good with the world. China has a recovery, the Japanese are manufacturing one; the Europeans have kicked the can quite a ways down the road and we have a Fed that will keep pouring gas on the fire until a real flame develops. What could go wrong?
Well plenty but its all about timing so we'll just have to stick with the trend, keep our end to the ground and be ready to act differently when the time comes. For now, it's party on like its 1999 and that my friends (in case you missed it) was one heck of a party while it lasted!