What's a bear to do?
So, look at the day, what was good about it? Last post mentioned some of the news that seems constant to indicate that we are heading for a serious down turn in the market. I couldn't help but notice the news all seemed "bad" still.
- Virgin Mobile - wider quarterly loss
- BEA - margins up but sales down. They managed more profit this quarter but declining sales isn't good.
- Khol - lower profit and cut forecasts
- Progressive - lower earnings
- EKKKKK - $47.25 billion injection into the markets? Be still my heart. That's only about $150 for every man, woman and child in the US, maybe $500 per person actually in the work force. This is the third major injection in recent months.
- California home prices down 8%
- Starbucks lowers guidance
- Out of 439 companies reporting earnings in the S&P, growth is -2.7%. What kind of dumb junk is it when 64% have beaten expectations. Expectations were that low yet the stock prices have NOT declined to meet those lower expectations, well, it does appear they are starting to correct. But, what fools way of generating "good" news, set expectations so low, ie, with the country in negative growth in excess of -2.7% and then you can cheer when it isn't quite that bad, some stocks will even rally
- The energy index was up 14.5% on a 12 month basis and the food index was up 4.4%, over the same period. Transportation was up 5.8% and medical care was up 4.8%, over 12 months. (A big consumer squeeze coming here. What ever will I do with my 2.5% raise?)
- Pitney bowes cuts 1500 jobs.
- Crumb, Canadian ABCP locked up... Canadian here, what does that mean to me? Checked it out... Pensions are being hit by the this stuff...