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Thursday, January 27, 2005
Market Recap
The two day rally to start the week was short lived, which was no surprise if you had looked at the charts I showed of the indices Monday night. We hit those resistance areas yesterday and the markets came to a screeching halt. Today, the Dow was down -31 points, the NASDAQ gained just +1 point, and the S&P was flat with a fractional gain. Recapping the resistance levels on these three indices are 10500, 2050, and 1175 respectively. Today, they closed at 10467, 2047, and 1174. The levels I am tracking have proven to be stubborn resistance for sure.
Micro“Soft”?
After the bell, the mother of all tech stocks, “Mr. Softy,” was anything but soft. MSFT came in with a very impressive earnings report, beating the street estimate by 3 cents. Beating the estimate by 3 cents is huge for this big tech giant. Earnings reports have been super this quarter and, so far, there is no reason to think they will not continue to be good. These great earnings should be driving the markets higher but, as we have stated before, it takes a number a factors to be in sync for the markets to get solid upward momentum. The factors that are holding stocks down are, no doubt, high crude oil prices and the fact the fed has indicated that it is going to keep raising interest rates in a “measured way.”
The Good Ole Days
Although MSFT had a great earning report after the bell, I am afraid it is no longer capable moving the markets like it once did. You may remember the days when MSFT, CSCO, AOL, YHOO, SUNW, ORCL, and other 1990's super growth stocks, where able to cause massive stock market rallies with a single earnings report. Well, those days are over. They can no longer move the markets and they are no longer the leaders. They are all great companies, but the growth story is over and they are now growing at a snails pace. The market is looking for new leaders, leaders that will one day be able to move the markets with a single news release. When will these leaders emerge? That is the $60,000 question. I wonder if we will ever see a repeat of the good ole days of the 90's.
Please tell a friend about our service. As always, thank you for your support past, present and future! Have a great weekend everyone. We will see you Sunday evening.
Do not forget to check your short-term holdings and know when those companies are reporting earnings. Holding a stock through earnings is risky, and I do not recommend it. You can always buy the stock back after the dust settles.
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