Investors welcomed better-than-expected profit reports from JPMorgan Chase and Intel, but opted to sell shares regardless. A mild reading on inflation, a mostly in-line reading on manufacturing and a better-than-expected report on consumer sentiment were also in the mix. JPMorgan had incredible earnings, but their credit card writeoffs were bigger than what investors were expecting. Market breadth was negative. However, QQQQ implied volatility drifted lower as bullish sentiment still prevailed.
Saturday, January 16, 2010
Slipped on disappointing earnings
Investors welcomed better-than-expected profit reports from JPMorgan Chase and Intel, but opted to sell shares regardless. A mild reading on inflation, a mostly in-line reading on manufacturing and a better-than-expected report on consumer sentiment were also in the mix. JPMorgan had incredible earnings, but their credit card writeoffs were bigger than what investors were expecting. Market breadth was negative. However, QQQQ implied volatility drifted lower as bullish sentiment still prevailed.
