So much for, "U.S. stocks were set to fall from record highs on Friday...". This is insane. I'm sure Chicken Little will do his best to pop the balloon.
So much for, "U.S. stocks were set to fall from record highs on Friday...". This is insane. I'm sure Chicken Little will do his best to pop the balloon.
and Sail Toad will be there to buy with both hands....
Who?
Ghost of Igloi wrote:
and Sail Toad will be there to buy with both hands....
I don't know who Sail Toad is, but the market depends on having both buyers and sellers.
Great week...life is good!
• Earnings Scorecard: With 7% of the companies in the S&P 500 reporting earnings to date for Q2 2016, 66% have reported earnings above the mean estimate and 51% have reported sales above the mean estimate.
Baloney wrote:
Though he did have a point.
Yes. At the top of his head.
Ernie,
In your less than factual reporting, you forgot to mention that only 16 of 36 companies beat on As Reported or GAAP earnings. That is only 44%. GAAP earnings is what the CEO signs as accurate and is submiited to the SEC under penalty of imprisonment. So what you reported was earnings that do not include stock based compensation and write downs of one time charges (which says in essence failed business ventures never happened).
Igy
What I wrote was copied and pasted today from Factset, a website that you yourself have used for supporting data. It is completely factual.
Igy,
I swear that this is a serious post and I'd like your advice. I put my entire 401k into the money market fund when the DJIA was almost at 18000 because I think we're going to get a big drop.
My question is -- at what levels should I move it back into stocks?
Thanks!
(I'm early 50's and have almost exactly 700k in my 401k but not much in investments otherwise.)
Ernie,
You are wrong, I quoted FactSet as a news source for Wall Street. I disagree with their incomplete analysis in the past and as stated in the previous post.
Igy
You are a hypocrite.
how,
Sorry I can't help you with that.
Igy
I remind all that the real Igy walked away from this thread awhile ago.
Investors scrounging the dumpster for yield:
There's been very little yield with bonds for quite some time. It's surprising that you think this is news. That's a big reason why equities are doing so well.
The Dow Jones Industrial Average edged higher Friday to post its fourth straight record close, while the S&P 500 broke its win streak as the rally lost strength ahead of the weekend.
The S&P 500 index slipped 2.01 points to close at 2,161.74 for a weekly gain of 1.5%. The Dow Jones Industrial Average added 10.14 points to finish at 18,516.55, climbing 2% for the week. The Nasdaq Composite Index shed 4.47 points to 5,029.59 but finished the week 1.5% higher.
All three indexes advanced for a third week in a row.
"We have had a really, really good week, and the market is getting tired," said Mark Kepner, managing director of sales and trading at Themis Trading. "But bonds sold off a fair amount and the rally in stocks seems a bit long in the tooth. A pullback from here would not be surprising."
The 10-year Treasury note yield rose 4 basis points to 1.57% on Friday, having recovered more than 20 basis points since hitting a record low 1.33% a week ago.
"The market ran out of steam for a bit. It can't go up every day," said John Manley, chief equity strategist at Wells Fargo Advantage Funds. But the fact that stocks are down so little despite "the market being on stilts" is a good sign.
A survey from American Association of Individual Investors showed bullish sentiment at 36.9% versus bearish sentiment of 24.4% while those who were neutral stood at 38.7% for the week ended July 13.
Richard Hastings, macro strategist at Seaport Global Securities LLC, said the combination of bullish and neutral views is at the highest since April and that this upbeat mood should remain intact for now.
Frank Cappelleri, executive director at Instinet LLC, also suggested that there is more upside potential for the market, noting that in the 20 previous incidences where the S&P 500 climbed for five sessions in a row, it extended gains 80% of the time by an average of 1.55% 20 days later.
"Recent history shows that the probability of higher prices is in the bulls' favor," Cappelleri said in a note.
I'm out.
Got out Friday morning.
Went back in a the end of the day of the Brexit meltdown and got out yesterday.
The forbidden timing of the market worked out quite well for me.
Aren't you the same guy who wrote that he doesn't make claims after the fact?
Well his current handle is "Baloney man". Truth in advertising.