TGIF and Numbing Drops
Trying to get in gear here, after a late start. Everyone in my house is sick, and my toddler and baby both have ear infections. So I was up most of the night with the baby. The doc gave us these numbing drops, which of course were useless.
If you have kids, you're probably laughing at my woes. If you don't, you're probably glad. But enough complaining, now back to your regularly scheduled programming.
The market is opening under a bit of pressure this morning. This should surprise no one, as the market has been up for several days straight, and is now back at overbought levels. Of course, since the market is overbought and due for a rest, the bears will be out in full force calling another market top. Don't buy in.
Oil prices are down again, falling below $56. The energy complex was under heavy selling pressure yesterday as a result. But the Canadian Royalty trusts look to have finally bottomed.
Housing starts plunged -14.6% in October, the lowest level since July 2000. While this is a very weak number, I think the sector is close to bottoming out, and I don't see it having a profound effect on the economy.
I was considering buying some of the new Nymex IPO (NMX), if it didn't trade higher than say $75 (it priced at $59). But the stock is already at $140, +130%. That's crazy. I think I'll hold off.