Flat as a Pancake
After yesterday's euphoric action, the market is as flat as a pancake today as it ignores a much poorer-than-expected jobs report. Hope that the weak numbers will spark QE3 are keeping a bid under the market, but with warnings from Intel (INTC) and FedEx (FDX) and the lousy jobs growth you have to wonder where corporate profits are heading. It is nice to have the Fed helping out, but the reason for doing so is that conditions stink and that isn't very inspiring.
Despite the flat action in the indices, breadth is strong and running 2-to-1 positive on the NYSE. Precious metals are leading, as they are the "go-to" group on any hopes for additional quantitative easing. Steel, coal and other commodities are also doing well, while chips and biotech lag. Google (GOOG), Amazon (AMZN), Priceline (PCLN) and other big-caps are performing well, as those are the names where underinvested bulls tend to go when they are lagging and hoping to catch some performance....154 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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