BEHIND THE MONEY: 'Glass Half Full' Feel to Market Today
JPMorgan shaking off the news that credit card charge-offs are increasing as the shares are up today before its earnings report tomorrow morning. Intel is off its overnight low even after failing to give a clear revenue forecast for the second quarter.
Investors with so many reasons to take profits (busiest week for earnings reports ahead, the release of bank stress tests, poor economic data) are clearly biased toward owning stocks. Perhaps it is a lack of alternatives with Treasury yields so low. Regardless, it's encouraging behavior after already a 20 percent gain off the low.
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