Friday, August 25, 2006

If The Market Rallies On Friday, Will Anyone Notice?

After a brief dip at the open, the market has found a bid again. The SPX held the 1292 level, and if it can close above 1300, we might see another pop next week. Of course, volume will likely be very light again today. And next week will be even worse. Why aren't I on vacation again?

Bernanke's speech today offered little insight, and didn't say much about the economy or monetary policy. Bond yields are slightly lower nonetheless, with the 10-year at 4.79%.

Oil is moving higher on fears of Ernesto, the latest storm to watch. This has the whole energy complex trading higher, including the natty gas stocks. But tech is also strong this morning, which shouldn't be surprising considering the weire correlations we have been seeing in the market.

I would like to see the financials gain some strength soon, especially the brokers. I am contemplating adding more exposure to the group.


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