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Alcoa does not an earnings season make. Nor can we glean much from the big banks that usually come next as they are an island unto themselves. Not until Tuesday after-hours did we get a real peek into reports with broader ramifications.
Gladly all 3 major reports (Intel, Yahoo and railroad giant CSX) came in better than expected with gains found in their after-hours' stock prices. As a large transportation company CSX's results have the greatest implications as it says something about the whole US economy. With a beat and higher guidance coming from them, it bodes well for what we will find the rest of this earnings season and in coming economic data.
Unfortunately during Tuesday's session, the only thing that mattered were the headlines coming out of DC. In the final hours it sounded like negotiations were breaking down once again...so too were stock prices as we ended under 1700 for the first time in three days.
The remedy is simple. The two political parties need to compromise on a solution. That used to be easier in years past. Now it's like asking someone to cut off their right arm...ain't gonna happen without a fight.
In the end, compromise is the only logical solution. That is why I remain steadfastly long stocks at this time and am not fretting about any short term volatility.
No it's not "Buy and Hold Forever" or "Buy Low. Sell High". Instead, it rides the most powerful force impacting stock prices. For more than a quarter century, it has nearly tripled the market with an average gain of +26% per year. This has been verified by an independent accounting firm.
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