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Markets Fight Back, Refusing To Be Down Two Straight Days

|Includes: AAPL, Bed Bath & Beyond Inc. (BBBY), HPQ

The markets are slightly lower for the second day in a row. Global jitters are showing themselves again with Greece.  At 8:30am ET, Jobless Claims were released.  They showed a jump to 460,000.  Expectations were for 442,000.  This negative news did not have a major impact on the markets.  Overall, the markets seem to be taking the recent non stop rally to heart.  It has been a meteoric rise and without continued great news, the markets look like they need to pause or pull back.

Apple Inc. (NASDAQ:AAPL) is trading lower on the day, down $1.70 (-.70%).  Apple Inc. continues to hammer into the $240.00 resistance level.  The IPAD has been released, the run has happened, now where does Apple go from here?  Also, word that Hewlett-Packard Company (NYSE:HPQ) is releasing an IPAD like device with a built in camera, USB and more, called the Slate, means competitors are quickly matching Apple's products.

Financial firm Goldman Sachs Group, Inc. (NYSE:GS) is having a very strong day.  Goldman Sachs jumped yesterday when the market was weak and is continuing its run today.  The stock is up 1.35%.  Recently, Goldman Sachs has been one of the weaker financial stocks compared to rivals JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Company (NYSE:WFC).  Goldman Sachs is known for their trading prowess unlike JPM and WFC who are known as more pure banks.  With little talk of bank regulation in the near future, Goldman Sachs seems to be rebounding., Inc. (Public, NASDAQ:AMZN) is also having a fantastic day.  Same store sales reported today for some retailers. They were robust to say the least.  In addition, earnings reports from Family Dollar Stores, Inc. (NYSE:FDO), Bed Bath & Beyond Inc. (Public, NASDAQ:BBBY) and Hot Topic, Inc. (NASDAQ:HOTT) were glowing.  This shows that the consumer is buying like the good old days.  While the consumer is buying, this Chief Market Strategist feels it is just pent up demand over the last two years that is now finally being released.  The great earnings should continue, but be aware that six months from now consumer spending may stall.  To explain this further, think of someone who wanted to replace all the windows in their house two years ago, but the economy was just too bad.  Now those windows are just horrible and with things looking a little better, that consumer is now at a point where they must do it.  My fear would be, once this is done, could consumer spending fall back off?  This is not something that will show up for at least six months though, in my opinion.

Gareth Soloway
Chief Market Strategist