Despite another sell on the report by INTC following in the footsteps of AA + another RRR hike by China, the market as a whole somehow managed to put in a decent green day on Friday. A bit of a head scratcher, but more likely a move in part due to… .”As important or more today was the ‘speculation’ of Monday’s European Finance meeting and an expansion of the bailout fund to get the market going”(last week). Nothing will be finalized Mon/Tues, but expectation is all sides will leak their intentions on the issue heading into an early February summit. As long as there is progress, the market should be fine. If not, watch out. Watch Euro, you don’t want a sell off in it.
All in, the attention will shift to earnings as the flow pick- ups in the upcoming week and individual stocks selection begins away from the broader market. We're officially into 2H January where the quiet period for corp's/govt ends as holiday cheer subsides. AAPL pulled the first such release this weekend.
Shadowlist