(As of 7:25 am PST)
Alcoa started out the parade
of earnings reports with a positive and an optimistic projection for the year
to come. While Alcoa is usually not an
accurate barometer of what the rest of earnings season might look like, there
seems to be a shift in investor sentiment as a result. Perhaps earnings season will not be as bad as
analysts had projected. Pessimism is
being replaced by hope. Markets are up as a consequence and it looks like
today’s gains will stick. Oil is up
slightly while gold is down, but near unchanged. Economic reports have been good over the last
six months and if progress can be made on the debt ceiling limit debate in
Washington we could be in for a sustained rally.
