Follow Charts, Not The News
It seems that today's market-moving institutions are rejoicing over the lower bond yields in Europe and cheap money in the United States. While multi-national companies such as 3M Co. (MMM), International Business Machines Corporation (IBM) and Apple Inc. (AAPL) have disappointed on earnings, the major stock indexes continue to advance. And that tells us that stock-market participants that move markets really don't care about earnings any longer. Instead, they care about the easy money being printed by central banks, which is reason enough to follow the charts and not the news.
Last night, the leading Asian markets were mostly higher on the session. The Bombay Sensex Index (India) was the biggest winner in Asia closing higher by 1.19 percent. This tells us that the leading Indian ADR'S could be strong if the U.S. markets hold up. Some leading Indian-related equities that could be in play today include Tata Motors Ltd. (ADR) (TTM), Infosys Ltd. (ADR) (INFY), Wipro Ltd. ADR (WIT) and the India Fund Inc. (IFN).