Good morning. Happy Monday. Hope you had a great weekend.
I’m posting this much early than usual because today is the first day of school/day care here in Costa Rica, and until we figure out the logistics of getting the kids ready to go and getting them to school, I’ll be getting up early to do this write up. School starts at 8:00 local time, and the market opens at 8:30, so I’ll easily be back home by the open. It’s what happens between 7:00 & 8:00 that’s a little tricky.
The Asian/Pacific markets closed mixed and with an upward bias. China rallied huge (2.4%); Hong Kong and Taiwan also did well. Japan dropped almost 1%. Europe is currently mixed. The Czech Republic is down 1.2% and Norway is down 0.5%. There are no big winners. Futures here in the States point towards a flat open for the cash market.
The dollar is up. Oil is flat, copper down. Gold and silver are down.
The trend on all time frames is up. The S&P is on an 8-day win streak. The small and mid caps are at all-time highs. When dividends are considered, the S&P is at an all-time high. The market wants to go up right now. Simple as that. GOOG and IBM did great with earnings – the market moved up a little. AAPL did not do well with earnings – the market moved up a little. News has largely been ignored; the technicals have been ignored. There’s a steady bid under the market, and until that changes, the market will move up.
The most bearish comment I can make right now – and this is very bearish – is that everyone is bullish. The bears have completely left the room – or at least they’re not making any noise – and the bulls are loud and proud and pounding the table 2013 is going to be a great year. So far this looks to be the case, but you gotta start to wonder when they need to be brought back to earth. If the bulls have already taken their positions, who’s left to push prices higher? Be careful chasing stocks higher. Take the good set ups only and manage them wisely. Don’t let a trade turn into a long term investment.
Jos. A. Bank (JOSB) is down almost 5%…earnings related.
Biogen Idec (BIIB) is down fractionally after earnings.
Caterpillar (CAT), Yahoo (YHOO), Seagate Tech (STX), VMware (VMW), BMC Software (BMC) and Zions Bancorp (ZION) also have earnings today.
I’ll be back for the open.
headlines at Yahoo Finance
headlines at MarketWatch
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers
0 thoughts on “Before the Open (Jan 28)”
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did you move to costa rica?
Yeah we moved here two weeks ago. We’ll be here for a couple years and then have full intention of moving back.
Jason,
Every time you mention Costa Rica my eyes pop wide open. It seems you are becoming a resident of the country. With this administration in control I am seriously considering leaving this country and Costa Rica is at the top of my list of places to take up residence. Are Americans are pretty much excepted? My Spanish is very limited. Are you living inland or on the coast? Of course anywhere I would choose, Internet availability would be a must. Any information will be greatly appreciated.
Tom Frasier in Virginia.
Hi Tom…I’m happy to answer any questions you have.
I’m going to do a blog post about moving here in the next week or so. It’ll get everyone up to speed, and then as I find out more stuff, I’ll be happy to share with everyone.
I would love to hear more on Costa Rica as well. Have been seriously considering retiring to Central/South America.
See my posts above. I’m going to do a blog post in the next week or so, and then I’ll be happy to answer any questions you have.
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Jason,
I write this in Liberia airport awaiting a flight back to the frozen north after a delightful two weeks in CR and Nic. Next winter it will be a month or more, and after my wife chucks her job, who knows? Your blog will be well-received, as you can see by the comments of others.
Tom, Internet connectivity was one of the things I wanted to check out when I was here and I’m delighted to report that it was very impressive. Costa Rica has invested in fiber-optic networks, and our resort in Nicaragua (Villas de Palermo in San Juan del Sur) also had fast, reliable response time. My fears were not realized. I would not day-trade a half-million dollar account just yet, but my initial impression was that these two countries can support active trading.
Jason, I’ll post a pic of the four-inch long scorpion I evicted from my condo last night if you have a spot on your blog for pictures. She was a mama hauling around 20 or so babies on her back. Just one of the many native species we were fortunate to see during our stay here. Just so y’all realize that you’re sharing your accommodations with critters who were here first.
Geoff Stuart
Newtown Square, PA
Nice Geoff. We’re renting a house in Tamarindo at the end of March. It’s good to know that area of the country has reliable internet.