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Wednesday, October 10, 2007

Earnings Growth

The DOW gave us all quite a scare today, dropping to just below support before reversing and closing with a big, rather than gargantuan, loss. Earnings season is beginning, and I this we are starting to see some cracks in the cement.

There were quite a few breakouts today, almost all in the Nasdaq. The chart above is a 5 day 10 minute chart, the Dow in red, the Nasdaq 100 in blue. Quite a divergence developing here.

Alcoa was the first to report yesterday, and boy did it suck. It still rallied (stock buyback), but there was a major bailout today.

CAT 's last earnings, in July, sucked as well, leading to an end of it's uptrend. I posted on this before here. Those who bought the dip just got a chance to break even yesterday, I hope they took advantage of it.


Boeing is getting creamed after making a nice double top. Aren't these the kind of companies that kick ass when the dollar goes into the toilet? Hmm, it doesn't seem to be happening.

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