C and IBM report Monday. Here is next weeks calendar. INTC did well. Looks like revenues are gonna suck again this quarter. I have to ask, at what point in time do missed revenues (for what might be 8 consecutive quarters now) catch up with businesses in a market where credit is tight and consumption is low?
JPM beats and cautions. No up in dividend (who expected that?). Cautious words about consumer credit were not received well.
It is always nice to rally to new highs on a day when employment numbers were a slight disappointment.
CPI was ho hum slightly better than expected this am. Futures are down 4.5 right now.
SPX 30m - Chart shows a nice channel over the past month (call it a GSEC). Looks to me like a 1,2 - 1,2 move and should be tired. The reason I'm bringing in the 30m chart is that the divergences are very noteable and should be taken into consideration.
OK, all that said, throw everything you know about TA and EWT and fundamentals out the window and think QE. QE is driving everything and thus the markets WILL remain irrational longer than we can remain solvent. I am still calling for some sort of retracement to crack this trend up soon. I was right yesterday when I said I was wrong about expecting a pullback and we set new highs (anyone else tired of moving fibs up every other day or so?).I'm not gonna be swinging anything this weekend with C and IBM Monday. I want a clear trend set (or at least the start of one) and some sort of correction before I jump into anything here.
GL out there and have a great weekend.