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 5/10 Good --- seekingalpha.com http://seekingalpha.com/symbol/qqqq.xml
| 'QQQQ' Tag RSS Syndication from SeekingAlpha.com ... |
Wednesday, May 07, 2008 --- 79 days ago http://seekingalpha.com/article/76048-wednesday-outlook-the-bad-news-is-the-good
| David Fry ( ETF Digest ) submits: Do not pay any attention to
bad news.
That’s the message from Tuesday's action.
Bulls ignored record oil prices and crummy
news [a dividend cut and wider loss] from Fannie Mae (FNM).
Instead they chose to believe that FNM’s position going forward was
strong and they would “feast on” market chaos from new products and, of course,
the worst conditions were behind them.
I don’t know if senior
management at any of these companies has any credibility left,
especially the rating agencies.
The latter
are part of the game being played and we’re just shills.
But, let’s give credit to the tape action and
that Cisco (CSCO) and Disney (DIS) beat estimates after the close.
The major take here is how, if the economy is
in recession, can Disney of all companies be doing well?
It seems an earlier on the calendar Easter
holiday period and foreign visitors helped as parks were crowded despite gas
prices and other difficulties facing consumers.
In fact, earnings warnings have been modest if we’re falling into, or
already in, a recession.
The volume and breadth are still unimpressive overall but better than expected
earnings news from last night could possibly carry over to tomorrow.
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