The Day Ahead: The Sights and Sounds of Earnings Season
It was Tuesday afternoon, and there I stood in front of a television camera, decked out in makeup and a bright purple skinny tie. I had my topical information down stone cold -- it was to be instant earnings analysis on Netflix (NFLX), Panera Bread (PNRA) and Apple (AAPL), sprinkled in with assorted chatter on this wacky stock market. Then, ka-pow, news crosses the wires that the Federal Reserve is inching closer to enacting the market's favorite three-letter economic help program known as QE3 -- that is, a third round of quantitative easing.
Initial thought: "Hmm, now I get why the futures massively reversed while I was sitting in the green room." As I provided a quick assessment on the shock factor of this latest life-altering development, the inevitable dawned on me afterwards. First, QE3 would not fix iota of what I am seeing in second-quarter earnings and hearing on conference calls, and that goes for full-year outlooks as well. Second, investors must be very careful not to divert from winning strategies following a story that was absent quotes from Fed members on precisely the reason for the market's reversal -- the prospect of QE3 at next week's Federal Open Market Committee meeting....528 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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