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@theMarket: Another Record High
By Bill Schmick,
01:34PM / Saturday, May 16, 2015
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This off-again, on-again market continues to grind higher, if only by a few points, but it is the direction that counts. This week it was the S&P 500 Index's turn to chalk up another record gain. And so it goes.

If you recall last week, we were at the bottom of the trading range before the "algos" (algorithmic trading programs of high frequency traders) kicked in and took us up again. This time the cast of characters responsible for lifting the markets included a declining dollar, higher interest rates and higher oil prices.

Before you ask, no, none of those reasons make any sense, but they are not supposed to. It's simply a case of more noise in a market

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@theMarket: Buy on the News
By Bill Schmick,
02:42PM / Saturday, April 25, 2015
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The worst of earnings season is behind us and it isn't nearly as bad as investors feared. Led by the tech sector, market averages are once again near their highs and appear to be on their way to even higher highs. Halleluiah.

If you recall that last week at this time, world markets looked to be at death's door and the recovery in five days has been encouraging. It is not only the U.S. market that has seen a strong recovery. The highly volatile Chinese market, after experiencing close to a 5 percent sell off in two days, rebounded nicely, erasing all losses and then some. The same can be said for Hong Kong and Japan. And now Taiwan is getting into the mix with more than a 3

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@theMarket: Right Back Into the Range
By Bill Schmick,
01:39PM / Monday, April 20, 2015
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The first week of earnings season is behind us. The results were not nearly as bad as investors feared. Some averages, such as the Russell small and mid-cap indexes, actually made new highs. However, all the indexes fell back into a trading range by the close on Friday.

As I suggested in my last column, on average 75 percent of companies actually beat earnings estimates. This quarter seems to be following the same pattern, at least so far. The money center banks reported pretty good numbers and even the worst of them got the benefit of the doubt from investors.

The really big moves came from the overseas markets. China, which has been a red-hot market all year, finally

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@theMarket: Earnings on Deck
By Bill Schmick,
02:32PM / Sunday, April 12, 2015
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This week launched the beginning of first-quarter earnings results for American companies. Wall Street doesn't expect much. It is bracing for a disappointing season, especially from U.S. exporters. Has the market discounted that news already?

Analysts expect that overall earnings will decline from 3 to 6 percent this quarter versus the same time last year. However, I have explained to readers how analysts play the earnings game. Well in advance of reporting, analysts revise down their earnings estimates to the point that only really out-of-touch corporate managers fail to "beat” estimates. On average, about 75 percent of companies meet or beat these lowered

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@theMarket: Will the Second Quarter Be Like the First?
By Bill Schmick,
08:47PM / Friday, April 03, 2015
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By now you know that this year's first quarter was nothing to write home about. The benchmark S&P 500 Index managed to eke out a gain of just 0.4 percent for the quarter. The Dow posted a 0.3 percent loss, while the NASDAQ did gain 3.5 percent. Can we expect more of the same this quarter?

The short answer is yes. And that's not necessarily a bad thing. Investors have been conditioned to expect nothing but double digit gains in the stock market over the last few years. This "new normal," based on abnormally low interest rates, is coming to an end, at least in this country.

As I have written in the past, stock markets do not go straight up. Usually, we

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