Earnings Season Begins
Apr 13, 2010
Posted by Jody Eisenman | Filed under Uncategorized
Once again, earnings season is upon us, starting with Alcoa who reported numbers basically in line after the close. The market closed above 11,000 for the first time since September 2008. In addition, stock and bond markets were aided by the Greek bailout plan. In actuality, I was somewhat surprised by the lack of the rally in the emerging debt markets, where the Ishares Global Emerging Market ETF (EEM) actually closed down slightly. As I have stated several times, the market appears technically overbought to me, but still continues to climb. However, many prominent companies such as Intel and Bank of America are due to report this week. In addition, current Bloomberg estimates for S and P 400 earnings are expected to show a 30% increase from last year. These earnings over the next few weeks will go a long way toward showing whether the market will continue to climb, or pause for a breather.
