After the bell Alcoa kicked off earnings season by beating estimates for profits, and coming in-line for revenues.
For the entirety of the earnings season take profit results lightly, but key in on the top line numbers. They are harder to engineer using accounting gimmicks.
The Fed minutes were decidedly dovish, and they caused the equity markets to take off.
This is not due to any recovery, but to the Fed's indication of keeping zero interest rates in place for a considerable amount of time. Why is this important? Because it compels one to calculate the risks somewhat differently.
Have a pleasant evening.
