GE reported profits down 58% from a year ago, but still managed to “beat” the estimates.
Citi reported a profit, no wait, it was a loss after actually paying interest costs to the government. But if it weren’t for that, it would have been a profit! And if it weren’t for mark-to-fantasy accounting and government bailouts they would no longer be in business which is exactly what should have happened.
Consumer Sentiment comes out at 9:55 Eastern this morning.
Bonds are down sharply, the dollar is up, and futures are up a little for this options expirations Friday. Here’s the overnight, DOW futures on the left, S&P on the right:
We’re sitting in overbought territory on the short term stochastics still, and anything over about 875 will push us out of the top of the rising wedge. There are many small negative divergences here, so I think the odds are still high, despite the monkey business in the financials, that a top is near. The 877 area is the top of the previous decline, look for resistance there if we break above that wedge.
You’ll note that I increased the Google ad exposure on my site. Yes, I’m doing it for what little coin I can get to help me cover my costs and to give me a small incentive to keep writing. It’s not my intent to have them be glaring and I realize they make the site busy looking, but that’s the tradeoff and I'm still tinkering to get the best arrangement. If you see a better way to display them or if any of them are particularly obnoxious, let me know.
Have a good day, hey, it’s Friday!
Here’s a song to celebrate that we’re past tax day…
TAX CHEAT (Tim Geithner Song):