Today was a flat day as the market awaits JPM earnings tomorrow morning at 7am EST. Intel's earnings came out after the close today and beat the street's estimate of 30 cents, coming in at 40 cents. However, the street's estimate number isn't what's important, it's the "Whisper Number", and that was around 40 cents, not 30.
That's why Intel hasn't moved much after the number's were released. That puts JP Morgan under pressure to beat the whisper number too, not the street's number. Since they get free money from the government, I do expect them to beat the street's number. But, will they beat the whisper number too? We'll see tomorrow...
Red
I think you will get your correction soon (day or two)
But then we head to 1222 SPX.
I agree Kmoney. Down a little next week and rally into the end of the month, and first week of February. But coming early February… watch out!
How far down do you think it will go? before early Feb?
I'll be doing a weekend update that is posted by late Sunday night. I'll have more information then and give you my best guess as to the likely target.
For now though, I think this is wave one down, that should last most of next week, and then a wave 2 up into the end of January would be expected. Wave 3 down should start in the first week of February. I'm expecting about a 100 points down on the S&P500.
Check back Sunday night. Thanks for stopping by…
Red
thanks for that your blog is becoming a wee bit addictive !
Thanks Crash… it's coming soon, by the way! With a name like that, I can tell you're a Bear…
I am! very perceptive of you
Heres to 450 S&P then we can fix this train crash and move on
I am! very perceptive of you
Heres to 450 S&P then we can fix this train crash and move on