After the bell Alcoa beat earnings and revenues to kick off the second quarter earnings season.
It was interesting to hear Matt Miller and Barry Ritholtz on Bloomberg TV extrapolating a strong year for the SP 500 stocks off this one result. And it was funny to see Julie Hyman correct Barry's mistake about the increase in Alcoa's revenues, which were flat year over year. She is often a breath of fresh air in the fog of endless jawboning.
I did take off the short position I had put on US equities on Thursday. It was a fairly cynical bet on a standard 'wash and rinse.' Now we can see if anything more significant develops, but for now its the same old, same old.
Have a pleasant evening.
