Tuesday, April 15, 2008

comments on today's market

although the market was able to recover from the mid-morning weakness to finish in positive territory, the action was once again very dull. technically speaking, volume picked up over yesterday, but is still quite low. the lackluster trading outside of oil and energy stocks is likely a function of the high level of uncertainty as we head into the teeth of earnings season.

again talking technically, the major indices are hovering above recent lows but below key technical resistance levels, and it’s going to take some sort of catalyst to shake things up. right now shares of intc are popping on news that their first quarter results met analyst estimates and their guidance is in-line with expectations. that is spreading to other big-cap tech names like rimm and aapl in after-hours trading. will it carry over into the morning? many are hoping that the low expectations for first quarter results have already been priced into the market. that obviously hasn’t been the case so far, and that has led to a lot of nervousness. then again, that might just end up being a positive for the more bullish in the crowd as we move forward.

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