I believe that this is what is moving the market. The question is can it be sustained? Hope after the last quarter turned into fear sometime in August. Will that happen again? Or maybe a better question are these earnings actually real?
New York, Nov. 1 (Bloomberg) -- U.S. corporate profits rose for a second quarter after five straight declines as consumers refinanced their home mortgages and manufacturers stepped up discounts to sell cars and household products. Earnings rose 9.6 percent among the 415 of the Standard & Poor's 500 Index companies that had reported third-quarter results as of yesterday. That compares with a 23 percent decline in the year-earlier quarter and a 1 percent gain, adjusted for an accounting change for acquisition expenses, in the second quarter. http://quote.bloomberg.com/fgcgi.cgi?T=marketsquote99_news.ht&s=APcLbyxYLUHJvZml0
Zeev, All levels until 1425 will be taken off. All of us (including you) have been predicting a pullback before resumption. It is not going to come i think. I give up. When we had barrage of negative eco news, they ramped it up. Do you think now with msft, election, fomc etc. we will pull back. I think atleast NOT until wed/thurs. Better take losses on some shorts on monday.
It will NOT follow any TA/FA think, But more so just EVENTS.
Zeev, Look at QLGC, that's up after hours to near 38. I'm thinking that short covering is the driver. It used to be a few days worth of volume were shorted. I'll bet some plays could take weeks, just to cover all the shorted shares out on them. How far up can that take us? Fletch
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