Nice Week To Finish The Quarter
The market has been strong all week. Can it make it 5 in a row? So far, so good.
The Chicago PMI came in better than expected (62.1 vs. 56.0 consensus), which is bullish for the soft landing thesis. And Fed govenor Poole made dovish comments, saying that he will not hesitate to ease should inflation pressures subside.
Oil and gas are lower this morning, with the energy stocks mixed. Bond yields are up a bit, with the 10-year trading at 4.64%.
I think the strength this week was more than simple window dressing, it was managers actually putting money to work, and possibly some short-covering on all of the bearish bets that are likely still on the table. September turned out to be a good month, so prepare to hear all the pundits now start fretting over October and how scary of a month it can be.
In other news and notes:
- Terrell Owens said it was an "accidental" overdose. Huh?
- RIMM beats estimates handily; stock gaps higher
- Toshiba recalls 830,000 Sony laptop batteries
- Thomas Weisel expects strong quarter from RACK
- Janco initiates FMCN with $90 target
- NIHD extends supply agreement with Motorola
- SMOD reports strong earnings; stock up
- HMX misses earnings; stock gaps lower
- AMGN acquires privately held Avidia
- WAG announces Inkjet cartridge refills
long AMGN, FMCN; RIMM puts