The Wrap:7/15/10 Maybe Some Clarity?

{+++}Today was a major news day. We started with the much anticipated earnings report on JPM that was met with a luke warm reaction. Then there was more recall chatter on AAPL, then BP capped the leak, then there was a news release (I reported it before anyone, including CNBC) from the SEC that there would be a “significant news announcement” after the close. That’s all she wrote as Wall Street took that to mean a settlement for GS.

We sold the rest of LLEN and covered MOS and got stopped on the balance for a slight gain.

AGN tried to lift its head and I still feel good about it. CLF stopped for a small loss on the balance.

What now? GS was definitely a wet blanket on the market and for now, that has been lifted. Will that be enough to get this market higher? Maybe for a few days, but don’t forget we have GE, BAC and C tomorrow, three heavy weights that will definitely have an impact. GS and Morgan Stanley report next week.

So far the leak has been capped, we can only hope and pray for good news on that front. The oil service stocks (OIH) bounced hard from a short squeeze. RIG and DO really popped. Personally, I had some puts on DO which I had to sell quickly for a loss.

If you feel like you missed anything today, don’t feel bad, today was a crazy news day and way to much was happening all at once.

GS may be the catalyst that the bulls need, but I’m not convinced and I remain cautious. I’ve seen these “one day wonders” too many times before, only to be disappointed a day or two later.

There was good news out of AAPL and that could also be a bullish catalyst, they will give us more news on that front tomorrow. If BAC, GE and C can keep from disappointing, the bulls could have a real shot of making some noise tomorrow. It should be an exciting day.

Here are two long ideas for tomorrow:

Previous Post
The Morning Morsel-Kissing 1100
Next Post
The Morning Morsel: What a News Day It Was

Recent Articles