This week kicked off with a better-than-expected earnings report from Alcoa, and yesterday saw the same thing from giant chip-maker Intel. There is of course feverish chatter within Wall Street's analyst community about what else to expect from 2nd quarter corporate earnings to be reported over the coming few weeks, but my impression remains unchanged from the last 6 months: the US economy continues to recover, however fitfully, from recession. Two weeks ago some pundits were nattering about double dip recession fears, and investors sent stocks down 14% from the end of April to the end of June. It's nice to find out that the sky isn't falling after all. Perhaps that's why the DJIA is up 700 points since the 4th of July.
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).