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Daily Highlights: 7.15.09
- Asian stock markets rise for second day after Goldman Sachs, Intel earnings.
- Bank of Japan extends credit policies, cuts economic forecasts.
- China's foreign-exchange reserves rise to $2.13 trillion.
- EU says plunging oil prices cause euro-zone's first ever negative inflation in June.
- EU car makers say sales were up 2.4% to 1.46 million units in June.
- Euro climbs above $1.40 in morning European trade amid hopeful signals.
- Foreign direct investment in China falls 6.8% in June for 9th month, but fall narrows.
- G-8 ‘World Currency’ coin’s creator seeks Russia participation.
- German manufacturing work force down 2.3 percent over past year.
- Industrial production likely dropped for 8th straight month in June.
- Japan's benchmark stock index edges higher ahead of US earnings.
- Japan's central bank keeps rates steady amid signs economic slide has stopped.
- Oil rises above $60 in Asia as traders eye US inventories.
- Russian lawmakers approve $7.5B crisis fund for neighboring economic partners.
- UK unemployment rises by 281,000 to 2.38 million; rate up from 7.2 pct to 7.6 pct
- AAR Corp.'s Q4 profit dropped 7% to $20.5M on lower sales (-5.1%) and margins.
- Abbot Labs' June earnings $1.3B last year and this year.
- AIG sells loans to Credit Suisse for as much as $975 million.
- Air China forecasts 50 percent first-half profit rise, rebounding from 2008 loss.
- Alliance shares jump after Uranium mine is approved.
- Altera Corp.'s Q2 net tumbled 52% to $47.4M as revs fell 22% to $279.2M.
- ASML posts euro104 million loss in 2Q, sees some recovery in demand, sales.
- Continental Airlines to record $44M in charges in Q2 on write-down of fleet.
- Eurostar 1st half sales down 7%.
- Intel's strong numbers suggest PC business better; $1.45B antitrust fine hurts.
- Rio Tinto’s quarterly iron ore output rises 8 percent.
- Total says European refining margins slump on demand.
Economic Calendar: Data on CPI, Empire Mfg, Capacity Util., Business Inventories, Crude Inventories, Minutes of FOMC Meeting to be released today.
Earnings Calendar: ABT, ACGY, ADTN, AMR, ASML, CCK, CTAS, GCI, GWW, PLCM,STLY, TXI, WWW, XLNX.
Recent Egan-Jones Rating Actions:
WYNN RESORTS LTD (WYNN)
TUPPERWARE BRANDS CORP (TUP)
YUM! BRANDS INC (YUM)
POLYONE CORP (POL)
LEGG MASON INC (LM)
HARSCO CORP (HSC)
DIAMOND OFFSHORE DRILLING INC (DO)
JOHNSON & JOHNSON (JNJ)
JEFFERIES GROUP INC (JEF)
OLIN CORP (OLN)
GOLDMAN SACHS GROUP INC/THE (GS)
RIVIERA HOLDINGS CORP (RVHL)
SINCLAIR BROADCAST GROUP INC (SBGI)
Data provided by: Egan-Jones Ratings And Analytics
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The stock markets going up is a good thing. People take that as a sign that things are getting better. They look at the 401k statement and feel confident to go out and buy all the crap that they don't need. And so starts the virtuous cycle of corporate profits which then begets more stock gains and so forth.
The intent is good -
The problem is that it is assbackwards: It is based on lies and unless we the people oblige by buying into the next leg up of the stock market it is not going to work. The only power I have is to not participate - it is to simply not buy into the hype and then lose my confidence for doing that when I see the markets going up. I guess that will go on till the guys who are net long right now, go net short.
The constant negative barrage from TD and followers is symptomatic of a market that will go higher. Unfortunately for ZeroHedge, they are the wrong way crowd. I agree with the longer term perspective, but it has nothing to do with making money and trading, and frankly, that is why most folks come here. I suspect most readers just loss a small fortune.
I am not sure if that is entirely true - people come to this site because it is authored by people who are smart to see angles to daily events that the mainstream media is incapable or purposely blind to -
Are you saying that ZH's ulterior motive is to sucker me to short the market ? I know anyways that the market is going to tank exactly three days after I throw in the towel and go long all the way in :-)
All you had to do is look at option sentiment last week and know this market would bump up. TD should be smart money, and so far he has been dumb money all the way.
Fu*king with this market is emotionally exhausting.
Stop means GO!!
Left means Right,
Up means Down.
Hoping the markets return to rationality is irrational.