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Dave’s Daily
MARKET COMMENT
Courtesy of Dave Fry, July 21, 2009
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We’re all seeing the ongoing “better than expected” earnings news. One headline screamed, “Stocks rise on solid earnings reports.” Solid? CAT’s earnings were 66% lower than previously which qualified as a “beat”, but solid? That’s pretty generous don’t you think? It really doesn’t matter since bulls have seized the tape and bears appear washed-out…
There are many smart people who naysay this rally. They may be proven correct at some point but for now the action belongs to the bulls…