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Wednesday, October 21, 2009

Morning Market Report

Earnings are in full swing this morning. Tech stocks Yahoo and Sandisk both beat estimates handily. This morning Wells Fargo and and JP Morgan also both beat estimates. In the middle of this, Eli Lilly also beat earnings estimates as well. The only major company to have sour earnings since the close of the market yesterday is Boeing who's loss this quarter was worse than expected. Despite a plethora of good earnings news yesterday, the markets all finished down for the second day in a row. The Dow however is still above 10000. The market will test that number at the open. It's scheduled to open at right around 10000 this morning.

Bonds look weaker this morning after rallying for a couple days. The ten year is back to 3.38% after rallying to as low as 3.32% yesterday and closing at 3.34%. Bonds in both London and Germany were worse this morning with the German bond market taking an especially large hit. The German bonds each gained at least 5 basis points (five hundredths of a percent) The yield spread between the two and ten year is now at 2.43%. It's been bouncing between 2.40%-2.50% for the last couple months. It reached an all time high of 2.75% in June. It's still relatively very high and still continues to point to moderate term inflationary pressure. Oil is finally taking a breather. It's currently trading at just over $78 a barrel after testing $80 a barrel yesterday before easing off. It's still near the highs for the last year.

Markets around both Europe and Far East were all down across the board today. The Hang Seng in China was down .3%, the NIKKEI in Japan was down .03%, and the Straits Time Index in Singapore was down .68%. In Europe, the FTSE in London was down .73%, the DAX in Germany was down .7%, and the Spanish Index was down .75%.

In currencies, the Dollar is currently even against the Euro, it's down a whopping 1.28% against the British Pound, but it's up .31% against the Japanese Yen.

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