The market opened higher today - BA is down. You probably read the news on BA.
- announcing plans to recognize Q4 (Dec) pre-tax charges totaling about $615 mln
I am still long BA. I must say I am surprised by BA's action.
I was thumbing through the January issue of Stocks & Commodities and read an interesting interview with Don Miller. He said something we all know but sometimes forget.
"People need to understand that the market is imperfect: You have all these trading segments trading all different strategies and different time frames, so every single pattern is going to look different. And you won't always be on your game.... You've got to understand that."
What are we looking at today?
- Dec PPI checked in at -0.7% (consensus -0.2%) while core PPI rose +0.1 (consensus +0.2%)
With the December core rate coming in a bit better than anticipated, however, it appears inflation so far remains contained
- November Business Inventories came in at 1.0% (consensus +0.6%)
- Capacity Utilization checked in at 79.2% (consensus 78.9%), not yet suggestive of inflation concerns but beginning to grab attention, as 80% remains the hypothetical mark where inflation picks up...
I continue to be cautious...
Market Closed...
We go into the long- weekend on an "up note."
"With inflation in check and good underlying growth indicated by stronger than expected economic data, concerns of an oversold market were removed as broad-based buying interest pushed virtually every sector into positive territory..." - Briefing.com
It was nice to see the market come back from this morning's lows. It was also nice to see BA pick its head up a little. I particularly liked that the Bulls were able to bring the stock up from its daily lows and close +$0.28 for the day. I am long BA with a stop at $49.94.
I am happy with energy too. EPD and FCL continue to move up. FCL has not been as easy to watch but I do think coal will be strong now that oil seems to be off its lows.
I hope all have a nice weekend...
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