Never listen to or read the financial news, This morning was a perfect example. Do you think you could be buying, with all the negative news suggesting slower growth and rising inflation. Just wait till americans all across the country get SLAMMED with skyrocketing electric bills from the heat wave that is nation wide. Some of the electric bills will be like a mortgage payment for some. Pressure at the gas pump is still weighing on everyone. But the market has been rising all week. UPS was a real eye opener, everyone knows growth will stagnate, and the fed will be powerless, unless the drop money from the sky.
================== M-minitrading; agree mostly with your headline. Some have planted trees in their yard , & insulated much; its fairly cool -cloudy around here in midsouth today.No global warming around here. Right on persistent uptrend in oil & gas sector, I may save a little bit of gas with S.T.P.gas treatment, but it is a petrol derivative And while I mostly agree with your headline; Art Cashin, CNBC, & Rick Santelli,pretmarket do tend to be helpful. Art Cashin said some years ago ,its a bumblebee rally; scientifically it shouldn't fly, but does anyway.
I'm not an analyst, I'm a trader. I read the tape and look at market action to tell me what's going on.
http://biz.yahoo.com/ap/060728/wall_street.html?.v=24 "Investors bid shares higher after the Commerce Department said GDP growth tailed off by more than half to a 2.5 percent annual rate during the second quarter. The weaker-than-expected reading reinforced beliefs that the Federal Reserve may not need to hike interest rates further. Wall Street's optimism overcame signs of rising inflation. The GDP report also said core consumer prices -- excluding energy and food -- surged 2.9 percent last quarter, while employment costs rose a stronger-than-expected 0.9 percent." Isn't a slowing economy with rising inflation at the same time called Stagflation?:eek:
<b>For Real,</b> Right out of the gate we gap up and top at 1278.75 just past a two day old high where the AD / Decl is positive and was all day and the Volume Diff was way postive for buying - the market held at every rational support point and the NazDaq broke out of its reisistance high at 1510 and just kept on climbing on good volume... and the average net change on the sp500 stocks as a whole was above .50 which is huge... with this kind of ADD... and the final coup de grace' is it is end of month and the floor boys and the institutions usually drive the market down the day before and if there are no overnight surprises it is gap up time the next morn... and off to the races so they can pad their portfolios with winner stocks of the month to look good... today should be called not Friday but LongDay... the only reason to go short today, except at the close, was because you might need a tax deduction for the inevitable losses... (no counting quick scalpies) the only news to read is the tapereader news... my two and half cents... cj... __________________ HAVE STOP - WILL TRADE If You Have The Vision We Have The Code
Ooo Look!! I can write for Forbes!! http://www.forbes.com/home/investme.../28/gdp-fomc-rates-in_vj_0728soapbox_inl.html Stagflation! Maybe that should worry me.