Earnings reports coming in after hours are dismal. The big event is a warning from Allegheny Tech (ATI), they are guiding lower for the year. With the metals sector being so strong of late this will be a huge draw-down for the metals industry.
A Lot has happened today. And I have even inadvertently managed to make one of our readers upset with me. The markets sold hard today and they landed with a thud. A profit taking? No one can say at this time. We won’t say it because we don’t know and we will not guess. The fact that the market was very extended is indeed a fact, so does that mean it was due for a correction, yes. But what happened today (starting in the afternoon) has the appearance of more than a profit taking and could be a signal of a down leg. We will see.
More later tonight.
Recent Posts:
- Economic Data and Earnings Schedule for July 27 2010
- Dallas Fed Manufacturing Index – Drops to Lowest Level Since July 2009
- Economic Data and Earnings Schedule for July 26, 2010
- Is The United States Worthy of a AAA Sovereign Rating?
- Crude Oil Market Summary 7/19/2010 to 07/23/2010
- Economic Data and Earnings Schedule for July 23, 2010
