By Dave Fry, founder and publisher of
and author of the best-selling book
January 27, 2010
BATTLE OF THE TITANS
Who got the most attention today iJobs (aka Apple's Steve Jobs) or iBen? (aka Fed Chairman Ben Bernanke). The media was gaga over the new iPad especially when they learned the "starting" price would be "only" $499. However, it's later known this is without a 3G wireless connection and a data plan with AT&T. iBen on the other hand got some props from those parsing Fed language discovering a shred of positive news--there will be growth in the spring--just kidding. No, the language stated economic growth would be "moderate" vs previously stated as "weak".
Markets rallied after the Fed announcement and the idea the iPad would be inexpensive
. It didn't take much to get some buy programs going with markets short-term oversold. In the short memory department poor New Homes sales data was poorly received.
Volume once again was heavier than recently but actually common for a Fed day. Breadth was flat on the NYSE but positive on the NASDAQ.
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For a change Wednesday's Fed announcement was rather uneventful although some forensic types try to ferret out nuance and hidden meanings from the statement. This stuff is silly most of the time. The Apple iPad announcement seemed to garner as much or more media attention as did the Fed. But the Fed doesn't advertise so...
Thursday brings more data like Durable Goods orders. In that regard is this interesting chart of how these orders have been apportioned courtesy of Jesse's Café Americain.
In after hours trading Wednesday good earnings were reported by Netflix but evidently Qualcomm laid an egg as noted by MarketWatch below:
It looks like we're starting to get some separation among global markets in terms of performance as the dollar rallies, commodities and overseas markets fall. We'll have to wait and see if this is a developing trend or not.
Let's see what happens and you can follow our pithy comments on
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Dave Fry is founder and publisher of
, Dave's Daily blog and the best-selling book author of
, published by Wiley Finance in 2008. A detailed bio is here: