Momentum traders continue to drive stocks higher, regardless of what the economic data is.
The latest bit of Reality intruding into the party? A warning from Lansdstar (LSTR), a $2.3B trucking company, which warned:
Landstar System CEO says lowers forecast for Q4 diluted EPS to between $0.44-$0.49/share, lowers Q4 revs to $620 mln and $635MLN – Reuters
Consensus is for Q4 EPS of $0.52 and revs of $697.5 mln.
That’s not exactly a horrific miss — its a range that might only be a few cents off from the prior expectations.
Here’s what it did to the Trannies:
Given the momentum into the market today — light volume notwithstanding — I wouldn’t be surprised if the market shakes it off and keeps going . . .