Best Buy reported earnings of $0.54 for the quarter vs. estimates of $0.60-65. Same store sales were down 3.3%.
This is the first significant earnings report that: 1) includes Black Friday data and 2) focuses on the activity of the US consumer.
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market melt up while BKX looks to be rolling over -
ReplyDeleteI should never have stopped drinking!
Parker
ReplyDeleteI was beginning to worry about you!.
So, here we are with the first indication from the retail sector that all may not be well, and the SPX is up 75. Go figure!
The debt markets are again acting up, with the 10s30 continuing to flatten, now at 113. The 10 year at 3.38% and the long bond at 4.51%.
With the risk trade back on, doesn't appear to be any stink'n need for a safe haven in the bonds or in the dollar. At least Gold and Silver pries won't lead the Biz news tonight
Best to your trading!
Bill
The correction should start when volumes comes bak in after fomc.
ReplyDeleteParker
ReplyDeleteTake a look at FXE, the Euro currency trust.....I can't make sense of what look like MFI T set ups, both normal and inverted. Is it because there is no divergence between the price direction and the MFI direction?
Bill
Stock Timing charts institutional core investments. The Chart shows a double top for the Institutional Investor's core holdings at the 61.8% Fibonacci level. If instutions aren't investing it effects over 50% of the market.
ReplyDeletehere's the link: http://www.stocktiming.com/Tuesday-DailyMarketUpdate.htm
Dominant Cycles Update
ReplyDeleteI mentioned on 12/2 that my Master Cycle was active again with 5 Hits:
http://timeandcycles.blogspot.com/2010/12/master-cycle-is-active-again.html
11/1L, 11/09H, 11/16L, 11/26H (11/25H), 11/29L, next 12/13-14 High
Today should be the next short term High according to the Master and Major Cycle, which has been in the markets for quite some time now. Today, 12/14 is also the next Daily Geometric CIT.
If the Master Cycle continues to be correct, which i think it will be, then 2011 will provide plenty of large swings up and Down that should be highly profitable. I do not want to miss them. It should be an exciting year for everyone who plays these large swing Highs and Lows right. http://timeandcycles.blogspot.com
Parker, due to all the divergences and your mft's I believe we've got a big move down coming. It's Ironic Terry pulled his Null Echo low call and he may have been correct. I think the Fed pumping wore him out.
ReplyDeleteBill
ReplyDeleteThere is no inverted set up on the FXE.
Because the Euro rose after its early October MFI peak, there is a normal Money Flow T which shows a top in early February if you use the early June low.
Marshall
ReplyDeleteInteresting info re: Institutional Index. Do you know how they calculate that index?
Hunt
ReplyDeleteJim Curry thinks we get a 7-10% correction soon.
http://www.amex.com/othProd/prodInf/OpPiIndMain.jsp?Product_Symbol=XII
ReplyDeletedont know what significance this chart has but it looks "meaningful"! lol
http://stockcharts.com/h-sc/ui?s=$XII&p=M&yr=15&mn=11&dy=0&id=p66996821411&a=217354507&listNum=5
Likely a sign of online retailers taking more market share. BBY is one of the last real deal retail stores. Competition is a bitch. Markets look set for a year end ramp. Climbing the wall of worry once again...
ReplyDeleteI respectfully ask, What wall of worry ??
ReplyDeleteInvestors Intelligence numbers show advisors overwhelmingly bullish, put/ call ratios show the same and the vix,arguably, is showing complacency. I don't see worry i see people expecting higher prices. Meanwhile market internals deteriorate; new low are increasing and less stocks are particpating in the advance. This is a classic top, IMO.
What Does Wall of Worry Mean?
ReplyDeleteA phrase used to describe a bullish market trend occurring in the face of negative uncertainties.
Jack
ReplyDeleteThe expression "Wall of Worry" was first used by a Technician named Joe Granville in the late '70's as he described a market moving higher, in spite of a general economic malaise. His meme was "the market is climbing a wall of worry"
He was a better promoter than he was a TA
Bill
indeed the BBY is not doing well, but I have to wonder, who is still buying electronics (particularly the ones with high price tags) locally? For me I always do my research online and check out the displayed units in store, and buy it online. Save a lot of money!
ReplyDelete