Good news aren't that good anymore

Here we are kicking the first day of May with mixed market.

Market seems indecisive today, whether it will agree with yesterday conclusion to continue a HEALTHY, NECESSARY pullback to 12.990 area or to form a rising stairs to another record breaking high.

The Dow is up around 11 points now, while the Nasdaq down 6 points and the S&P down 0.71 points.

March pending home sales has reported a 4.9% decline in home sales also credit some of the concerns that investor have.

More and more good news are not that good anymore. For example Procter and Gamble posted an increase in profit but they lowered outlook for the next fiscal year, with $0.74 EPS vs estimates $0.74. Shares of PG are down around 2.3% right now.
VMC also has been trading lower as much as 5% after the bell right now. This conforms their tanking yesterday during after hours.

"Big Uncle" Tom Bernanke gave a speech on free trade earlier today. He maintained his vision that US is not interested in protectionist policies. However there were no other comments about the economic outlook, or Fed policy. Therefore market had little regard of his speech.

Looks like the old wall street saying "go away in May" is reflected in this mid day of first May.

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AAPL earning exploded.

As predicted by several traders. Apple (AAPL) earnings topped analyst expectations by 23 cents per share.
AAPL second-quarter profit grew 88 percent to 87 cents per share, and revenue increased 21 percent to $5.26 billion, most of this increase were contributed by wonderful sales of iPod media players and macintosh.

Analysts polled by Thomson Financial expected 64 cents per share in profit and $5.17 billion in sales.

Analyst from Bear Stearns said "We see the Apple story shifting from a dependence on one 'hit' product with little sense of what could follow and when, to a broader array of products with multiple drivers and a sense of what is down the road".

AAPL shares look set to follow the Dow to set foot into all-time high, in after hours AAPL rose to around $104, from yesterday closing price 95.35.

However AAPL started to going down slowly in the trading hours. From its day high at 102.50 to 100.00.

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Stepping over 13.000 Nicely !

Stocks opened higher as investors were fueled with some better than expected earnings reports and encouraging economic data.

Boeing opened nearing its 52 week high after exceeding expectations led the Dow today. March durable goods also posted rising 3.4%, which is stronger than expected.

Anazon - AMZN did wonderful today. Its Q1 Profit were doubled and management raised its full year out look. Right on, several analyst upgraded Amazon and the stock really flew today ! Near closing bell AMZN traded as high as 56.32. That's a 25% increase from today opening !
AMZN helped nasdaq to lock higher.

Alcoa Inc. (AA) also posted great earning which helped the Dow to break its tight trading range during mid-day.

The Dow is at all time high and S&P at its 6 1/2 years high both indices continously to post gains. Stocks are also continously posting new high. Bad stocks suddenly turned good, good stocks went to its 52 week whatever high. Even with such conditions, I still call for a sharp pulback soon.

Perhaps the S&P will be pulled to reach its all time high before pullback, or we might see it sooner.

Technorati Tags: earnings release,stocks market,fundamental analysis