Monday, January 14, 2008

Every dog has its day...

And the Nasdaq got its today after earnings announcements from IBM. The market for the rest of the day was upbeat, as a new found interest in technology arose out of the realization that stable technology companies are a) making money off of corporate expenditures and b) gaining from a weak dollar due to large percentage of international sales.

However, tomorrow appears to be a different day, with Citi this afternoon already announcing its big dividend cut. With more of the financials to report their earnings, focus may be back on the terrible credit situation and the financials at large.

From the way things have been going, it can only be a huge off day tomorrow, with investors happy to take any profit from today.

Also, retail sales figures and producer price index due out tomorrow. Both are likely going to be negative for the market.

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