Posted on 01/15/2010 10:15:57 AM PST by Signalman
NEW YORK (CNNMoney.com) -- Bank stocks led a broader selloff Friday morning as investors dumped shares of JPMorgan Chase and Intel despite better-than-expected earnings reports from both companies.
A mild reading on inflation, a mostly in-line reading on manufacturing and a better-than-expected report on consumer sentiment were also in the mix.
The Dow Jones industrial average (INDU) lost 109 points, or 1% nearly 90 minutes into the session. The S&P 500 index (SPX) lost 12 points, or 1%. The Nasdaq composite (COMP) lost 21 points or 0.9%.
Stocks managed gains Thursday, with the Dow and the S&P 500 closing at the highest point since Oct. 1, 2008 and the Nasdaq ending at the highest point since Sept. 3, 2008.
But gains so far this year have been slow, following last year's massive runup. Stocks are likely to drift as investors wait for more fourth-quarter profit and economic reports.
Earnings: Financial services firm JPMorgan Chase (JPM, Fortune 500) reported earnings per share of 75 cents, which is better than the 61 cents expected by analysts, according to a consensus from Thomson Reuters. Revenue of $26.8 billion was also better than the expected $26 billion.
(Excerpt) Read more at money.cnn.com ...
The main indices are approaching a technical turning point. Just waiting for a trigger.
My prediction: when the Euro plummets, there will be a flight to the dollar. This in turn will crush the carry trade bringing a much-needed crash.
In the long term the dollar is toast, but in the short term it will be a tyrant.
“Bank stocks led a broader selloff Friday morning as investors dumped shares of JPMorgan Chase and Intel despite better-than-expected earnings reports from both companies.”
Any more bright ideas, Kenyan boy?
So what prices are those broads going for??
Still think this rally can reach 11,000 Dow. After that, I expect a real hard slump. Bammy doing his bank mau-mau thingy this week was absolutely stupid - but then what do you expect from a mau-mau? The real unsettling news is that annualized unemployment thought to be at 5.9 Mil was revised up to 6.3 Mil and December retail sales were revised down from a net gain to a net loss, year over year. No green shoots for you - soup CZAR NAZI. Man, I am getting tired of the obamugabe show - can we change the channel yet???
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