10,000 - the most important meaning-less number.
GS also missed their “whisper” number…
It seems likely with all that bearish sentiment out there (including mine) that a number of people will try to take profits after having passed 10,000. It’s also possible that people will decide to try to enter at 10,000 too, but I think the numbers are fewer.
Everyone already knew that GS was going to post stellar numbers. People have grown accustomed to GS routinely beating by a $1 or more. Why do the analysts covering GS always low ball? The average street consensus is “always” well under what GS reports.
It’s not just about GS though. A lot of other companies also beat estimates today. Good jobs data also. I get the feeling that analysts are posting conservative numbers since their credibility is hurt more in this market if their number is too high than if their number is too low. Also possible that it’s just pullback from Dow 10000. Good ST buy opportunity if so…
easier to beat estimates when you dont have to account for paying salaries