Monday Morning Musings
The market opened under a bit of selling pressure, but has since climbed back into positive territory. Last week was options expiration week. Many people in the industry talk about the options-related hangover the market often experiences following expiration, so we will have to see if it rings true.
Tech is strong out of the gate this morning, while retail stocks are lagging. Commodities and the energy stocks are also getting a nice bounce. Even the CEO of Shell Oil said he thinks oil is going lower. We further lowered our energy exposure last week to add to more growth ideas.
In other news and notes:
- Merrill said they see a -15% to -20% correction this fall
- Pru upped their equity weighting to 90%
- SBL is up on news it seeks to sell itself
- E-coli spinach cases reported has reached 109
- SMTS beats earnings estimates; stock up +15%
- GVHR lowered guidance; stock down -17%
- LEH added to Focus 1 list at Merrill
- Amaranth hedge fund loses nearly 50% on nat gas losses