You know the bulls want to keep buying – and decent reports from companies like Adobe last night help. But since 2013 has been mainly a US “phenomenon,” the lowered guidance from Fedex, a major transport stock (who do you think ships all of those online purchases?), has to be on the back of their minds.
AM futures were up a bit, then the Fedex news knocked it down a bit (I think), but futures are trying to strengthen. It’s an interesting mini “battle” here as each day pieces of the bull or bear puzzle present themselves for people to put together.
This is all just my interpretation and , full disclosure, I don’t own any of the stocks mentioned above, as of the time of this writing.
Follow up 5:01PM
Oracle announced a weak quarter today after hours. That’s 2 leading companies guiding lower in one day. A few more of these and the earnings weakness that many expected last year for 2013 may begin to ding this market rally.
Full disclosure: no position at this time in this stock though one of my clients works for Oracle and has options and stock in the company