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4 big misses on earnings this morning
Sadly it doesn't matter. Hedge funds are under performing and are going to chase this market up come hell or high water. God help them if the wheels come off the bus...
True..I can't remember the last time 3M missed
Crude oil futures fell into backwardation yesterday .... many traders take this as
an extremely bullish sign ... indicating among other things full faith
that europe will attempt to print its way out of its problem.
WTI is up another $2.50 this morning ....
forget gold ... this is where the action is ....
I think it has less to do with believing Europe is going to print and more to do with knowing that Benny will print. Of course, with oil up $7 bucks or so in less than 3 days (touched $94.30 as I write this), consumers will again be seeing gas prices head towards $4 a gallon. If they break that, guess what? Obama won't win re-election no matter what he does. And Banana Ben knows it.
(Jack Nicholson's "The Shining" voice) - "Heerrrrre's Italy!!"
The SPX is likely to continue higher with the EURUSD, AUDUSD, and GBPUSD all pointing higher as well. This move seems to all be about the USD weakness, but bottom may be very near. http://bit.ly/w2okGc
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