We are focused squarely on earnings. That’s what Wall Street is focusing on right now. Wall Street is not focusing on the debt ceiling. Sure, everybody’s watching and seeing how things are progressing and what twists and turns there are going to be in Washington. It’s more fun and curiosity reading right now for Wall Street traders than it is for trade-making decision readings for traders.
Right now that debt ceiling deadline is so far off in the future at the end of February that traders on Wall Street can’t focus on that yet. They’re going to be focusing on what is right in front of them and that is earnings season.
We kicked it off this week with the Alcoa (NYSE:AA) earnings. For those of you who may have wondered and never known why we say earnings season kicks off Alcoa even though we have other companies reporting their earnings announcements before Alcoa, it’s not because of the alphabetical order of its ticker symbol. Agilent Technologies (NYSE:A) has the ticker symbol A, and Alcoa’s is AA. But it’s because Alcoa is the first component of the Dow Jones Industrial Average to report earnings. That’s why it’s the “unofficial” kick off to earnings season.
Investor Place advisors John Jagerson and S. Wade Hansen are co-founders of LearningMarkets.com, as well as the co-editors of SlingShot Trader, a trading service designed to help you make options profits by trading the news. Get in on the next trade and get 1 free month today by clicking here.