Wednesday, October 19, 2011

Last Night..

The Banks..
- Bank of America stormed 10% after 3q earnings exceeded expectations..
- Goldman Sachs gained 5.5% even after it reported a loss; just it's second loss since 1999.

The Techs
- IBM -4.1% after earnings disappointed after hours
- Apple -5.6% also missed estimates - eps of 7.05 missing by .23 on a 28.3bn revenue, which missed by 1.15bn.
- However, Intel and Yahoo after up 5% and 3% after their results.

- Resources getting sold off slightly with China coming in with 9.1% gdp growth instead of the 9.3% growth that is expected. My opinion however is that the macro outlook in Europe will most likely be the main factor in this area of performance over the short term, rather than fundamentals.

Interestingly, I would've expected techs to perform inline and banks to perhaps do worse, but the market continues to show mixed results - The market may trudge higher, but stock picking is now going to be more important in the next breakout.. if it comes.