The market has been in a tight, mini-trading range for the past 4 sessions but today’s action could be the start of another leg higher. Earnings continue to come in ahead of expectations for the most past and the gains in International Business Machines (IBM, $199.63, up $5.08) has helped the blue-chips and Tech reach new ground.
We mentioned last week the downgrade on IBM may have been unwarranted as the company usually posts strong numbers when they report earnings. The Goldman Sachs (GS, $164.06, up $2.56) analyst that stepped out in front of that train had their math wrong as the company beat expectations and raised guidance. (read more…
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