The Morning Morsel-Kissing 1100

JPM beat on earnings, but so far this morning there is a fairly tepid response to the futures. Alcoa and CSX have done nothing since their “big” report and Intel managed a paltry gain of about .30 cents yesterday after the greatest blowout number in their history.

Maybe the market is a bit exhausted after running up for seven days on anemic volume or maybe it is just getting ready to blow through 1000 and take us up to 1017. The S&P has tried to kiss 1000 the last two days and earnings season hasn’t even broken a sweat yet, still plenty of reports on the horizon. We have GOOG and AMD after the close of trade today and BAC, GE, and C before the open tomorrow.

China reported on Thursday a slowdown in second-quarter economic growth, along with an easing in a number of other indicators for June, showing the nation’s rapid expansion was beginning to cool as Beijing withdrew some accommodative policies. Have a great day.

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Thursday, July 15, 2010
08:30 US July Empire Manufacturing, June PPI, June Core PPI, Initial Jobless Claims, Continuing Claims, Canada May Manufacturing Sales, Chile June Copper Exports
09:15 US June Industrial Production, June Capacity Utilization
10:00 US July Philadelphia Fed
10:30 Natural Gas Inventories
15:00 Argentina June Industrial Production
BoJ Rate Decision. 12:00 Treasury’s Wolin speaks in New York. 19:15 Fed’s Lacker speaks on the economy. 08:00 FDA Endocrinologic and Metabolic Drugs Advisory Committee Meeting. 08:30 FDA Tobacco Products Scientific Advisory Committee Meeting. 10:00 Senate Banking Committee hearings on Fed nominees.
Before the Open: CBSH, FCS, JPM, NXY, NVS, PPG, TCB, WWW, GWW. After the Close: AMD, ANGO, CBST, GOOG, PBCT.
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