News from TheStreet.com
Some things I read on TheStreet.com:
“The 10 year bond has been rallying”
“September crude jumped 90 cents”
Those facts combined with the strong upward action in the Dow and Naz
today seems a little perplexing. Have traders already forgotten the
inflation data which just came out on tuesday?
Robert Holmes of TheStreet.com quotes Paul Nolte director of investments
with Hinsdale Securities saying “Investors were driven by earnings
today instead of inflation fears.”
Are these really investors we’re talking about? “Investing” in
securities implies that you’re in it for about 6 months or so. I’d like
to see if Adobe, AT&T, and HP are still up after the Fed mEeting next
week, and better yet in 6 months. My guess is that most of the action
today was trading rather than investing. Just a play with positive
momentum while it lasts for the short term.
I’m surprised that oil, stocks, and the 10 year bond were all up today.
I really doubt that will happen again tomorrow. It just seems out of
line with intermarket principles.
Granted, I read this morning that all overseas markets were up last
night, which gives a good chance that our markets will do well as well.
I’m not totally surpised at one up day. Why are the overseas markets of
Germany, England, and Japan all rising as well? That’s a good
question.