Markets performed in almost perfect harmony with the Dow, Nasdaq and S&P 500 all rising nearly .9% near the close. A potential photo finish was averted with a late spurt by the Nasdaq which led rising 1.3%. Even if it was a dead heat, the “win” would have had to go to the Nasdaq as it has had a very difficult time trying to keep pace with the S&P 500. Gains were broad based with industrials, materials, energy and financials leading the way. The Nasdaq was helped in part by moves related to earnings reports with YHOO gaining nearly 6%, but getting slapped down at 50 day SMA resistance. We spoke of C most likely being headed for that same fate with problems getting above its 50 day SMA and it did just that today. C did not participate in todays benign tape. Other names that have reported earnings this week that have helped boost the benchmarks to their third consecutive gain, after a weekend which their was an abundance of crash chatter, were KO JNJ INTC. After the close tonight we hear from the likes of GOOG AXP KSU. KSU has been a big laggard in the rails within the transport sector since its last earnings report where if was derailed “pun intended” on 1/24 dropping 15%. Just look at the bifurcation in that group with UNP NSC trading both near all time highs, while KSU is lower by almost 20% off its own. KSU does not want to make it two bad reports in a row here, and CSX reported and fell Wednesday but did manage to close near the top of its daily range.
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