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by Peter Switzer

Another great day for the bulls with Google reporting strongly on Wall Street and the Yanks getting another good economic report on manufacturing.

Good bordering on great

The Philadelphia Fed said its manufacturing index rose to 20.2 in April from 18.9 in March. This is just another better-than-expected economic report. This follows the Empire State manufacturing survey, which went to 31.86 from 22.86 and this is a huge improvement. The experts were tipping a 24 result!

It was not all great news as first-time requests for jobless benefits rose to 484,000 and this was around 40,000 bigger than expected. But that said, the run of data is unambiguously good bordering on the great.

More jobs

Meanwhile, Google kept the great corporate profits flag flying overnight coming in with earnings at $6.76 a share in its first quarter and this was up from $5.16 a share last year.

As one analyst on CNBC said: "The report was good on the top and bottom line but it wasn't good enough for what has become the rising expectations in this market."

But what I liked was the report that they have added jobs as well. This follows Intel and JPMorgan revealing that they’re into the hiring game and out of the firing game.

Old cliché

This is the buying opportunity of a lifetime but I still recommend that you buy great companies.

To the cynics out there, I love this old cliché: “Bull markets are born out of pessimism and grow out of scepticism”.

For advice you can trust, contact Switzer Financial Services.

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Published on: Friday, April 16, 2010