Friday, July 30, 2010

Earnings Up, Govt. Data Down, The Roller Coaster Continues

Today actually ended on a positive note, thanks to Chicago Manufacturing Data which saved the day after a disappointing 2.4% rise in GDP for the second quarter (expectations were for a 2.5 to 3% rise). The S&P 500 ended up .01%. Okay, it's only a fraction, but in this market we'll take any good news we can get.

Chevron did not disappoint. Earnings tripled & both sales and earnings smashed through expectations. The stock wallowed in the general market malaise during the day but finally managed a 19¢ gain to $76.21 by day's end.

Gold rebounded after all the dour economic news, but we're hoping this is just a bump in the road for DZZ, the Deutsche Bank Power Shares Gold Double Short ETN. Stay the course.

A good weekend to all! Go out and enjoy life!

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