Monday Morning Musings

The market has opened under a bit of pressure, picking up where it ended Friday's session. Volume ticked higher on the Nasdaq Friday, making for a distribution day. We haven't seen too many distribution days over the last several weeks, but I still don't want to see any pickup. For now, I think any near-term dip should be a good buying opportunity.

Most sectors are mixed right now. Oil is trading a bit lower, while bond yields are essentially flat. Expect trading volumes to be lighter today due to the Yom Kippur holiday (I was born on Yom Kippur, fyi)

Same-store sales will come out this week, so we will see how the consumer has held up recently. And Friday will bring another jobs report that will likely bring more bark than bite.

In other news and notes:

• AAPL hit on Citi downgrade
• GILD buys MYOG for 50% premium
• OPMR/CRYP hit by Internet gaming news
• LCAV gaps lower and on guidance
• Brean Murray positive on TRLG
• ISM Index comes in at 52.9 (vs. 53.5 cons)
• MS acquires bank in China
• WMT reports moderating same-store sales
• HET in talks to go private

long AAPL, GILD