Thursday, July 30, 2009

Classic Fade The Market Open

How in the world can CNBC put a positive spin on this?

"Initial claims for state unemployment insurance benefits rose 25,000 to a seasonally adjusted 584,000 in the week ended July 25. The four-week moving average for new claims, considered to be a better gauge of underlying trends as it smoothes out week-to-week volatility, fell by 8,250 to 559,000".

This is way above the mean historically,how is this good?

I am waiting for the next meaningless housing is bottomed government report.

Again...less catastrophic is really good. Futures up 11.

MasterCard posted good earnings, which is actually bad for consumers, as credit has been stripped out of economy, people start to use debit cards more.

Also Exxon Mobile out with earnings that are not great. This is the 3rd straight disappointing quarter from XOM

Goldman ups GE to Buy. I guess Goldmans upgrade doesn't take into account zero book value at GE Capital?

When you start to get these type of upgrades, its really late in the rally.

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