Michael Sheldon
Michael Sheldon
Michael Sheldonis a former Australian rules footballer who played with Essendon in the Victorian Football League...
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The optimist would say we're in the early stage of a broad rally, the pessimist would say this is a dead-cat bounce and markets are going to head lower as oil heads toward $50 a barrel.
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Stock prices moved lower for most of the day, but closed off their lows after oil prices retreated. All in all, there was a lot of hesitation before the earnings by the two tech bellwethers.
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Looking into the second quarter, what could move us higher is a decline in oil prices, lower bond yields, solid economic data that is non inflationary and stronger growth on the earnings front.
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When all was said and done, the market showed its resilience once again, ... The market performed well despite today's extremely weak consumer sentiment number. Investors seem to be looking over a softer economy for the next few months towards a stronger economy to start 2006.
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Earnings for the fourth quarter have generally met or exceeded expectations. We've seen solid reports from a number of different industries, with strength not just in energy, as in previous quarters in 2005.
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February has historically been a lackluster month for the stock market. Despite many positive corporate earnings reports, investors should be prepared for some choppy or sideways trading over the near term.
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February has historically been a lackluster month for the stock market.
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The technical trends of the market and the sentiment has improved over the last few weeks, plus there are seasonal factors working in the market's favor.
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Texas Instruments' numbers were broadly in line with estimates, but there may have been some disappointment that they didn't raise the high end of the range.
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Temporarily, the market may have run out of gas. On a technical basis, we're looking overextended, so you're seeing a little profit taking,
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As the day progresses, oil prices have started to dominate trading and lead to weakness in the market.
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At the moment, I'm cautiously positive about the market, recognizing though that as we go through the year, the economy and corporate profits are likely to slow.
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The tone in the market is a little better. We saw strong gains in Japan as they move toward an end to quantitative easing.
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When the central bank came out and said they're going to drain liquidity over a period of months, that was a catalyst for investors who have avoided the stock market to put some money back in.