It's still "All About the Economy". The ADP employment report indicated that companies eliminated 693,000 jobs in December. This was about 200,000 more lost jobs than expected. As we have been saying, this recession will be longer and deeper. Alcoa and Time Warner also came out with weak business outlooks. This is a tough environment and the market will continue to meander its way through these difficult times.
Stocks were up about .75% yesterday on average volume. As we said yesterday, each day we still have fear for what is going to happen each day. The corporate bond and loan markets continue to do well but the stock markets still have hope in them. A bottom may have been hit in stocks but the ride will continue to be bumpy. Companies are now starting to report their quarterly earnings and everyday should bring new surprises. Don't be too aggressive but continue to read the tea leaves.
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