Jobless Claims (348Kvs 365K expected and prior 358K); Housing Starts (.699M vs .675M and prior .657M) & Building Permits (.676M vs .684M expected and prior .671M); and, Philly Fed (10.2 vs 9.5 expected and prior 7.3). These were all good reports.
Moody's like other rating ("ratting"?) agencies states it will lower ratings on 17 major banks from JP Morgan (JPM), Goldman Sachs (GS) and Morgan Stanley (MS). It's hard to trust rating agencies given their habit of being late to the obvious. They're the most fee-conflicted organizations on the planet. Despite Moody's warnings all the mentioned bank stocks rallied powerfully.
General Motors (GM) earnings ($.39 vs $.42 expected) report falls short of expectations but the stock rallies over 8%, Nvidia (NVDA) reported results that missed and offered future guidance below expectations but the stock reversed heavy losses to close up over 1% on analysts' "hopes"; and, after the close results from Nordstrom (JWN) $1.11 vs $1.09 expected (stock lower late), NetApp (NTAP) reported earnings that much lower than a year ago but "after adjustments" matched estimates so naturally the stock rallied over 7%. Lastly, Applied Materials (AMAT) reported substantially lower earnings but beat expectations and the shares were 4% higher late.We can't go a day without discussing the Greek situation now can we? European shares fell early as EU finance ministers didn't like Samara's postscript that "adjustments" to their agreement may be necessary. But later conditions reversed course on a report the ECB would exchange Greek bonds for new securities. Translated this means Greek junk sovereigns will now be the property of the central bank and they'll have to pretend they don't exist for a long time. With this news stocks were able to shrug off eurozone worries and rally. The euro reversed course and rallied from a 1% loss to a .5% gain. Gold also climbed as did commodities (energy and agriculture) while bond prices fell. Here's the bottom line--economic data is modestly better in the U.S. and global central banks are in full liquidity (money printing) mode--end of story. Volume was higher and bulls are trying to pull sideline money into markets. Breadth per the WSJ was positive. Oh hey, did you know I'm on twitter and facebook? SPY - The SPDR® S&P 500® ETF is a fund that, before expenses, generally corresponds to the price and yield performance of the S&P 500 Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
See more details IWM - The iShares Russell 2000 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the small capitalization sector of the U.S. equity market as represented by the Russell 2000 Index. The index represents the approximately 2,000 smallest companies in the Russell 3000 Index.
See more details QQQ - PowerShares Capital Management LLC is passionate about our goal of delivering the highest quality investment management available through one of the more benefit-rich investment vehicles ever created, the exchange-traded fund. PowerShares QQQ¿, formerly known as "QQQ" or the "NASDAQ- 100 Index Tracking Stock®", is an exchange-traded fund based on the Nasdaq-100 Index®. The Fund will, under most circumstances, consists of all of stocks in the Index. The Index includes 100 of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market based on market capitalization. The portfolio is rebalanced quarterly and reconstituted annually.
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