Alcoa Drags Markets
Alcoa’s (AA) earnings report missed expectations today and dragged all major indexes down with it. As I mentioned in the Sunday update, key earnings reports this week will come from Alcoa today, Intel on Thursday and J.P Morgan on Friday.
(AA) declined -11% and ETFs were affected across the board, both domestically and internationally.
Earnings reports this week as well as the employment figures on Thursday will be widely watched. Asia is down tonight in response to the selling on Wall Street today and China raised the reserve requirements for its banks in a sign of monetary tightening.
The rest of the week should cast more light on the strength of the ongoing rally. Significant buying came into the major indexes in the last half hour of trade, and this major repositioning at the open and close seems to have become the norm in recent months.
All the best,
John
John Nyaradi
Publisher
Wall Street Sector Selector
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