After the market closed, AMZN reported earnings that were basically in line with expectations but I thought one line was worth mentioning: AMZN's 2nd quarter profit fell 32% due to an income tax expense. Hey, what do you know, income tax is an expense. In reality, the stock pushed up 10% after the news, in fairly lively trading.
The market demonstrated the ability to crawl through another day today although there was a little more strength in the broad market today compared to yesterday's sleeper.
The biggest action today was right here on the blog with Erick, our prolific reader, making a comment. You all should read his comments and make sure you leave a comment of your own. Besides the fact that I had a good time reading it, I appreciate the comments on the media's spin on the unions. Indeed the media is bullish. I also have to agree about taking profits except for one thing--when the market drops this time we should see a pretty good drop and covering shorts on the way down will not make you happy either.
Both the stock market and the bond market were quiet today and we will be too. It is near the end of another month and we are trying to be patient with our next round of selling. The market should be rolling over here and looking at the trading over the past week, it seems to be. More tomorrow... We are looking at the QQQQ's around this 39 mark and are starting to get interested again--for a move down, believe it or not.
Dow Industrials: 10,579.77 -16.71
BGEIX: 10.94
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