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October 8, 2009


Follow through buying on Alcoa (NYSE:AA), “better than expected” Jobless Claims and Chain Store sales got bulls pumped-up early. But perhaps bulls aren’t getting enough oxygen from news and earnings season. In the meantime other trends, perhaps less welcomed, continue for commodities like gold and oil while the dollar is still in descent.

One thing about earnings reports is the stripping away of losses to find some silver lining in core numbers as if the losses and write-downs don’t exist. From that view we have earnings news from Marriott (NASDAQ:MAR) that are being spun positively here. It’s a thing of wonder that any business can just pretend losses don’t exist since most business owners can’t get away with doing this.

Volume was average by recent measures while breadth was positive.

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Source: Friday Outlook: Panic Buying