Wednesday, January 17, 2007

Morning Market Comment 1/17/2007

Stock futures are fairly flat following PPI figures showing core inflation at the wholesale level up .2%. Industrial production figures are due at 10. Three Fed speakers are also speaking today.
By the way, I really like the market gauge the Zen's Market Insight's uses. He is cautioning that this leg up is NOT August, 2006: ...Kapish?

4th quarter earnings jumped 68% at JP Morgan Chase - enough to get the stock up - WOW - 20-cents pre market. Interesting that loan loss provisions rose 66% or $104 mln in its retail bankiing division as more loans, credit card debts sour.

Any surprise to anyone that homebuilder Lennar's loss would be wider than expected? Better yet, the stock is higher by more than $1.

Apple (AAPL), 78-cents is the consensus estimate. Of course, if they only met that number - the stock would be pulverized. More on Apple later in the afternoon.

Weakness in Intel (INTC) offset a bit by some positive comments from ASML.

Crude oil was driven down to $50.30 and has bounced back by about 30-cents. $50 itself on the Feb contract is certainly within the sites of the bears but I don't see it as an automatic move below and there could be some struggle here. Also amusing that with this morning being the coldest morning of the winter season here in NY Metro, Nat gas is down 10-cents. Meteorlogical winter is over in what... six weeks and injections in nat gas storage start at the end of March?

Gold at 624... nice bounce from overnight low of $620... I am thinking of jumping in long futures after Industrial Production data.

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