The panic selling of last week has turned into panic buying this week. The stock market that couldn't stop falling last week now seems impervious to downside. In human form this market would have a serious case of panic disorder, treatable, but possibly disabling. In stock market form, all this patient needs is a few kind words from a Central Banker to soothe its soul.
October 23rd, 2014 Watch List
Stock Futures Boosted By Earnings Reports?
While most Americans were sound asleep this morning, stock futures, for a second time in three trading days rocketed higher. On Tuesday morning the excuse was that the ECB would be buying corporate bonds. The ECB denied that but stocks still held their gains. This morning's ramp higher is being blamed on strong earnings reports? We had terrible earnings reports lift stocks higher earlier in the week.
Thursday Morning Reads – Like Yesterday Never Happened Edition
Stock futures are higher and have brought stocks all the way back from yesterdays sell-off. It's like yesterday never happened.
More earnings are on tap today with $AMZN leading the charge after the bell. $CAT is soaring higher on the heels of a big earnings beat. If the market can rally 3% on a day when $IBM declines 7%, just imagine what today may bring with $CAT and $MMM rocketing higher. Here is what I am reading this morning: