Nervous Trading Will Test Support Next Week - I Expect It To Hold. I’m Lining Up Longs.
Volatility has returned and prices have been all over the board this week. Earnings have been very good and so have the economic numbers. Almost 80% of the companies are beating third-quarter estimates. Unfortunately, great results are priced in and many stocks are trading lower after a good number. We are through the meat of earnings season and the surprise element will diminish next week. Durable goods orders were right in line Wednesday and GDP posted a huge 3.5% gain yesterday. Goldman Sachs had lowered its estimate down to 2.7% on Wednesday and that generated selling pressure. When the actual number …
October 30, 2009
• Posted in: Options
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