PUOSTFU wrote:
Can you point out where he said it was "fundamentally driven"? Thanks!
He didn't. When Igy paints himself into a corner as he did here, he responds with diversions including putting words into the mouths of others. A typical reaction from a desperate man.
Stock futures moved higher Monday, leaving the Dow Jones Industrial Average poised to set another in a string of all-time highs.
Investors were focusing on earnings reports from Bank of America, Yahoo and IBM, while largely shrugging off a failed coup attempt in Turkey over the weekend, which left almost 300 people dead.
Futures for the Dow average gained 26 points, or 0.1%, to 18,443, while those for the S&P 500 index advanced 5 points, or 0.2%, to 2,158. Futures for Nasdaq 100 climbed 11 points, or 0.2%, to 4,590.
On Friday, the Dow average scored a record close for a fourth day in a row. The S&P 500 index also closed at all-time highs in most sessions last week, but ended down 2.01 points on Friday as investors took a breather. U.S. stock markets were largely boosted by upbeat economic data and stronger-than-expected earnings reports from large financial institutions, including J.P. Morgan Chase & Co. (JPM) and Citigroup Inc. (C).
Movers and shakers: The earnings season continued at full speed on Monday. Bank of America Corp.(BAC) said its quarterly profit fell as the second largest U.S. lender by assets was hurt by the continued drag of low interest rates, though the bank's results beat expectations. Shares were up 0.4% ahead of the bell.
Hasbro Inc.(HAS) was down 0.9% ahead of the bell, despite the fact that the company reported better-than-expected revenue and profit, as offerings such as Star Wars and Frozen brand toys continued to drive growth at the toy maker.
Charles Schwab Corp.'s(SCHW) was up 2.3% premarket after reporting stronger-than-expected earnings.
PUOSTFU,
"the data definitely supports that view"
Igy
Desperate poster....sounds like a future series...
Ghost of Igloi wrote:
PUOSTFU,
"the data definitely supports that view"
Igy
By data he obviously meant the record highs since that was what the sentence was about. That's basic reading comprehension.
OK, that makes perfect sense. Sorry for my error. I didn't realize that data was non-fundamental.
Igy
Stocks have come a long way fast, and financial earnings seem to be saying that the economy is doing better than some may have expected.
Good Trading,
JJ
Someone today suggested I invest in FANG stocks. They seem to be doing pretty good.
Ernie,
My friend perhaps JJ spoke too soon:
"July 18 (Reuters) - Bank of America, the second-largest bank by assets, reported a 19.4 percent fall in quarterly profit on Monday as it set aside more money to cover bad loans and earned less on its loans. Net income attributable to the bank's common shareholders fell to $3.87 billion, or 36 cents per share, in the second quarter ended June 30, from $4.80 billion, or 43 cents per share, a year earlier."
I guess bank earnings are not humming in the week ahead. False narrative again. You seem pretty gullible.
Igy
I'm certainly not gullible enough to think that every member of the sector is going to have a positive report. Nor am I gullible enough to read a post containing cherry picked data and take it seriously.
should note here that bank of america is up 4% today
Ernie,
Speaking of cherry picking, did you ever consider who JJ works for, and why he wishes you happy trading. Anyway, Wells Fargo reported results Friday.
"July 15 (Reuters) - Wells Fargo & Co., the No. 1 bank by market value, reported a 3.5% fall in quarterly profit as it set aside more money to cover potential loan losses. The bank, which is also the No. 1 mortgage lender and a major lender to the energy sector, said its net income applicable to common shareholders fell to $5.17 billion in the quarter ended June 30, from $5.36 billion a year earlier, while earnings per share slipped to $1.01 from $1.03."
Cherry picking is one things, but eating rotten fruit another.
As JJ says "Happy Trading."
Igy
and down 24% over the past 52 weeks (including the 4% rise today)
"Happy Trading"
well more like 18% but sure
my Thompson's One giving me a current quote of -24.53% 52 week and up 3.73% today......
More cherry picking.
Ghost of Igloi wrote:
my Thompson's One giving me a current quote of -24.53% 52 week and up 3.73% today......
you're probably not counting the dividend and maybe there is some discrepancy whether you start on july 18, 2015 or july 19. . But morningstar and yahoo agree, with the dividend and including today's rally, it's minus 18% or so.
Ernie,
Complain to Thompson's One, then take a bite out of a rotten fruit.
Igy
John Hussman Weekly commentary, June 18, 2016:
"The only wrinkle in an otherwise spectacularly hostile investment environment is that speculators appear to be so possessed by collapsing global interest rates that the immediacy of a market loss may be deferred until this fresh round of yield-seeking exhausts itself. As one observer told Bloomberg last week, “they’re out there scrounging through the dumpster looking for yield.â€
Notably, the completion of every market cycle in history, even those associated with very low interest rates, has brought 10-12 year expected equity returns into or beyond the 8-10% range. My impression is that investors are overestimating the capacity for Fed easing to avert every market loss, recession, or credit default cycle. Unfortunately, that assumption doesn’t even hold up to the 2000-2002 and 2007-2009 collapses, both which were accompanied by persistent, aggressive, and ineffective easing by the Federal Reserve."