I think I made an intelligent decision to move back into the market the other day. Coming into the day, more than 85% of the 104 companies in the S&P 500 that reported earnings either met or beat expectations, according to data compiled by Bloomberg. And finally, it is corporate earnings and price momentum that determine the movement of individual stock prices, and the indices on the aggregate.
GM came in weak today, but that is company specific. While Intel and Yahoo missed analyst expectations, Amgen had an absolutely monstrous quarter. It must be remembered that for Intel and Yahoo, analysts have been ratcheting their expectations up all quarter.
Then Greenspan made positive comments about the economy, and oil inventories came out larger than expected, and the indices ended up positively. After close Washingtom Mutual, Allstate and Qualcom have reported big qtrs - that should be awesome tomorrow...
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