We are seeing a battle take place at the S&P 200-day moving
average. The last couple of days we have seen buying as the index
poked above the 200-day average.
Sorry for the trader talk, but we like to point out factors that
are currently affecting the day-to-day situation. Aside from the
technical talk, earnings guidance out this morning from FedEx (
) was not very bullish. We saw the same result from Best Buy (
) yesterday. So far the market is choosing to ignore the
fundamental story regarding earnings, but we need to pay attention
to this moving forward.
On another note, news was out this morning that Fannie Mae (
) and Freddie Mac (
) are being delisted. It took way too long for this to happen, but
when stocks trade for tens of millions of shares, a bit of greed
takes hold. Too many individual investors like to venture down the
path of lottery ticket-like portfolio moves. Resist the urge and
stay the course of building your returns for the long-term.
As for today's market, it was a bit of a mixed bag, with selling
in shares like Nokia (
) and FedEx (
) - both companies issued earnings caution looking ahead. Consol
) , and U.S. Steel (
) . On the upside, we saw M&T Bank (
) and PPG Industries (
) end in the green. There was also news out late that BP Plc (
) has suspended its dividend.
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