Friday, July 20, 2007
Pay Day!!
The Dow finally closed above 14,000 yesterday. It tacked on 82.19 points on the session to close at 14,000.41. More importantly to us the SPX gained 6.90 points to finish on 1,553.08. We ended up in the green and this trade should be confirmed a winner today.
Earnings were generally good yesterday. Subrpime also dominated again. Bernanke in his testimony to Congress noted that losses from subprime loans would be large and that the situation could get worse before it improves. Even so, he feels that the economy will treat it as a speed bump and that it won’t create significant problems for economic growth. Bernanke also stated that he continues to see inflation as the greatest risk to the economy, but almost all economists see the Fed staying pat on rates in the near future.
I'll be looking at prices today to see if we can get a nice play on before the weekend.
Until next time.
Earnings were generally good yesterday. Subrpime also dominated again. Bernanke in his testimony to Congress noted that losses from subprime loans would be large and that the situation could get worse before it improves. Even so, he feels that the economy will treat it as a speed bump and that it won’t create significant problems for economic growth. Bernanke also stated that he continues to see inflation as the greatest risk to the economy, but almost all economists see the Fed staying pat on rates in the near future.
I'll be looking at prices today to see if we can get a nice play on before the weekend.
Until next time.
# posted by Paul @ 5:47 AM 
