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Tuesday, April 14, 2009

Sun Rises In The East, Misses Analysts' Estimates

"Retail sales fall unexpectedly in March", says a headline on Yahoo finance. Unexpectedly by who? Analysts? The guys who are always wrong? PPI numbers came out this morning as well, and that is where things start getting hairy. It looks like the helicopter drops aren't working, as the dollar, while occasionally taking big shots to the downside, is slowly working it's way back up. PPI came in at -1.2%, again "unexpected" bu analysts. Core PPI came in at 0%, thanks to an increase in tobacco taxes, which they are counting as "inflation". These guys must have gotten their economics degrees from an ad inside a matchbook cover.

As expected, GS posted better than expected earnings, and as expected by me, are tanking this morning, although we did not get the gap up I expected. Oh, well, tha amazing Kreskin I'm not.
There are 12 new highs so far. DNDN gapped up huge on news, and has a history of high volatility when it releases news. It is too extended tpo buy and too low priced to short (unless you are a dare-devil). Other than that, there aren't any breakouts. Most of the names on the new highs are the usual suspects.

ARTW on the earnings sheet had rescheduled their earnings release, and apparently they released it yesterday. I haven't seen the numbers, but it is up 1.5% today, after an 8% drop yesterday.

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