Good Morning All,
Monday's solid market rise will give way to some expected early morning profit taking this morning and then we will see. There is really not too much new to write about in this regard as the market continues in its quest for stability. What we really want to see is not just a solid trading day but an entire week of steady gains and modest losses.
Earnings season remains with us for another few days and as we watch the results, guidance and downgrades we must remind ourselves of how wrong most analysts habitually are in getting things right. As veteran floor trader Art Cashin has been saying of late, "we are close to a resolution in regards to market direction". Trading in Apple after today's poor report, may well be a harbinger for the day and week should it turn around after an early decline. This is a discretionary consumer stock for all intents and purposes. And once again LIBOR is lower and the U.S. dollar is higher ....and this is a good thing.
The oil sector trade proved to be phenonemal as PetroCanada rose from under 23$ Thursday to 32$ yesterday. The levered energy index HEU moved from the low 4's to over 7$ during the same period as the Christmas tree was quickly cleared of gifts. Look for a check back here today and some follow through later in the week.
So the well read Sarah now thinks Barack is a a socialist, this coming from a person who has not only never subscribed to "The Economist" or any other major publication outside of "Field and Stream" but worse .... had never heard of it until her post Katie Couric interview briefing.
The Baghdad flight has been cancelled for the day due to time and space constraints.
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