There wasn't much follow-through from Tuesday's outsized rally. Bulls were able to mount an afternoon charge from 1% declines in the DJIA and SPX to close basically even on the day. Things weren't so good for the NASDAQ where the index closed 1% lower on Oracle's (ORCL) poor earnings report. In tech land poor earnings and guidance are becoming more common. Meanwhile Yahoo (YHOO) is considering cutting its stake in Alibaba and Yahoo Japan as noted
There's a tug of war going on over whether the most recent episode from the eurozone marks the beginning of the end of their debt woes or just the opposite. Markets in the eurozone gave
the latest bailout
while some in the U.S. thought it all
. You probably should believe the tape more than the BS. PIMCO's Bill Gross tweeted: "What does LTRO stand for? 1. A shell game; 2. Cash for trash; 3. Three-card "monti"; or 4. All of the above." The basic problem is eurozone countries give money to the IMF which in turn lends it to the ECB who then lend it to eurozone banks. Got it?
Bulls in the U.S. are winning the argument given the season and that's about all one can glean from Wednesday's action.
Bank of America (BAC) agreed to settle claims over discriminatory practices by its Countrywide subsidiaries for $335M. This covers 200K claimants or $1,500 each. Strange stuff since the Community Reinvestment Act (CRA) was supposed to cure this problem.
Existing Home Sales were higher but the NAR has made a hash of their data by overstating sales going back as far as 2007. Confidence in any of their data is now low.
The euro was a little weaker while the dollar somewhat stronger. Gold was flat, crude oil, grains and base metals were higher. Bonds were weaker once again.
The commentary today is shorter Wednesday due to a late start but we'll hit the highlights where we can.
Volume was light once again and no doubt will lighten further as the holiday weekend approaches. Breadth per the WSJ was mixed as well.
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