Dow: -40.27…
Nasdaq: -4.58… S&P: -2.95…
The market ended the Thursday affair on a flat note as the latest round of quarterly reports prompted mixed reaction. Global monetary policy was also in focus as participants digested the October policy decision from the European Central Bank and some somewhat hawkish commentary from a Federal Reserve official.
The dollar index was +0.4% around the 98.31 level, hit 7-month highs earlier in the day and weighed on commodities, especially precious metals. Crude oil retreated from yesterday’s 15-month high ahead of tomorrow’s rig count data.
Earnings are coming in a little bit better than expected and the second quarter marked the fifth straight period of year-over-year earnings declines for the S&P 500, so the market is hoping that this quarter can end the earnings recession.
Today I added ABEO as a new long. I entered it at 8.20 and it ran straight to a high of 9.44 before backing off to close at 8.70. The chart below is solid and a target of 10.75-11.00 looks possible.
See you in the morning.
