The Wrap 10/26/10

{+++}Strength in the dollar overshadowed another batch of better-than-expected earnings this morning. While that left stocks to start the session in the red, the broader market was able to recover to the neutral line, where it was mired amid resistance. After the close AFL, BRCM; BWLD; CNI; CML; DV; FFIV; LIFE; MEE; MYL; NVLS; PNRA; RFMD; SMCI; STM; WLT and WBSN were the most notable names that reported.

Five of ten sectors were in positive territory, led by consumer discretionary (+0.4%), energy (+0.3%) and tech (+0.1%).

Tomorrow morning before the open, three economic reports are scheduled to be released: MBA Mortgagae Applications (No consensus), Durable Orders (1.8% consensus), Durable Orders — ex transportation (0.2% consensus).

Tomorrow before the open of the many companies to report, some of the bigger names include: AUO, EAT, CMCSA, COP, DPS, GD, LM, NOC, ODP, PFCB, PG, RDWR, SAP, S, UMC, VPHM, VSI, and WHR.

MEE reported after the close and practically doubled the consensus estimated loss. Last check it was off about 2% in AH trading.

I added AA and LDK as longs today. The market was a chopfest today and had a very tight range. The question is, does the market have one last rip left in its sails or are we topping? No one knows, so caution rules the day.

No new names tonight until this incessant chop resolves itself.

Previous Post
The Wrap 10/25/10
Next Post
I Need a Do Over

Recent Articles