Dave's Daily: The Irony of Markets
By Dave Fry, founder and publisher of ETF Digest.
January 14, 2010
THE IRONY OF MARKETS
Poor Jobless Claims and Retail Sales data were just a minor speed bump early Thursday as bulls quickly brushed them off as "move along, nothing to see here" data. Further, bulls liked the build in business inventories and collectively said, "Let's go with that one". Since the overall news was neutral to negative maybe it also means interest rates will remain low and the punchbowl stays with us as well. Besides there's Intel's earnings report and most are optimistically focused on it.
The tragedy in Haiti means massive rebuilding which should push materials like lumber and copper prices much higher.
Volume was anemic as investors are tense before Intel's report as much as they would for a Fed meeting. Breadth was unremarkable as noted by this WSJ summary.
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