First things first, Bellz and I would like to formally apologize for the lack of posts recently. It's that time of the semester with finals and projects and whatnot so we'll do our best to get short posts up, almost everyday going forward with recaps.
The market drifted Monday. Most people are looking forward to the big news coming out later this week, which started with earnings after the bell yesterday and before the open this morning as well as the Fed meeting and their decision which will be announced Wednesday afternoon.
After the bell Visa came out with in-line earnings but said profit would grow at 20% for the next 3 yrs, the street was looking for 29% this year so it got hit a little bit. Before the open we're seeing great numbers from BP and Shell on the back of high oil prices. BP's earnings are up almost 70%. Also, a record report from Corning, which is the leading maker of the glass for flat screen TVs.
The Fed decision will get the hype it normally does, but some people are down playing it's actual impact. In a sort of role reversal, I think we'd alsmot get a bigger rally if they came out and said we're done cutting, we think enough's been done and it's only a matter of time. Do I think that's true? Well, no, but if their statement said that, it'd be awesome. What will they do? If you ask me, they're going to come out with a 25bps (that's 25 basis points or .25%) cut, signal the market that they're done cutting and say that their monitoring inflation very closely.
Time for a BA320 test, that's all I got for now.
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