Tuesday, July 19, 2005

See Saw

What a day.

See: The techs ruled the trading day after IBM's announcement after the bell last night. The market bolted out of the gate this morning on its way to another four year high for the SP500 and a very healthy gain in the NASDAQ as well. The Dow was up but just barely recovering yesterday's losses.

Saw: After the bell tonight, the market didn't really like the news out of both INTC and YHOO, the latter being clocked for 10% after the bell with INTC only down about 4%.

HPQ (Hewlett Packard) decided it would ax 10% of its workforce, obviously in response to a strong economy--did I read that right?

Tomorrow should prove to be interesting given the response to the news after the bell tonight. With no one interested in selling stocks all day today, maybe we could see some change of heart on Wednesday. We'll see.

In our credit expansion watch, we noticed that housing starts for last month were unchanged versus an estimated consensus increase of 2.0%. All this news comes amid a monster rally on Wall Street today. Just some food for thought.

Gold has been trading in a range just above its June lows down around $416. We are fairly confident these lows will hold due to the way the mining stocks have been behaving, stronger than the metals. Nothing is guaranteed but this past week would seem to have been a good time to be buying the metals. Silver is still under $7 tonight.

Dow Industrials: 10646.56 +71.57
BGEIX: 10.85

PS Don't forget that tomorrow there will be no email version, come back here for further Updates.

2 comments:

Anonymous said...

Not only did he discontinue the email version of his blog, he never once sent that blog to THIS son. I guess I know which son he thinks more highly of... you be the judge. And if I were you, I would question this man's credibility (or lack thereof).

Glenn said...

This son now has some money and could use some good advice, don't you think? Hope you're having fun in Philly. And, yes, I am questioning my credibility these days.