Hey, the market started off pretty good for the week. Up 62 pts or so. The market reporters said that the market was up because of some good news out on the wire. I guess I am surprised that the market did not do better today. We need help from the institutions if this market is gonna do anything.
- A better than expected 60-75% Iraqi voter turnout that passed without a considerable increase in violence
- OPEC's decision to maintain its current rate of oil production at 27 mln barrels a day
- Homebuilding had been weak following Dec New Home Sales that came in slightly below forecasts (1.09 mln units versus consensus of 1.2 mln),
- Jan Chicago PMI, which showed Midwest manufacturing activity expanded for the 21st consecutive month with a better than expected read of 62.4 (consensus 59.8)
The market needs a lot more good news for it to push forward. Remember, back in the day when a company could say that they did not lose as much as they thought and the stock went up about 40%. How about when an Internet company said they were going to have an increase in "page impressions" or "eyeball traffic" of 25% and the stock went up 50%. Not anymore. Investors are not easily convinced anymore.
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