Monday, December 11, 2006

Monday Morning Musings

The market opened under a bit of pressure, but has quickly moved back into positive territory. This week is options expiration week, which could bring some additional volatility.

Oil is trading lower this morning, and bond yields are also moving lower. The yield on the 10-year is down to 4.52%, after the big spike higher on Friday.

Financials are strong out of the gate, as is tech. Energy and biotech are lower so far today.

The bond market is still pricing in rate cuts for 2007, and the 10-year yield seems mired in a downtrend. So the question becomes, how far does one extend maturities in their fixed income portfolio? I am employing a dumbell approach.

In other news and notes:
  • Asian markets rise overnight
  • NUVO crushed (-80%) after Phase 3 failure
  • BofA names CTXS its top mid-cap pick for 2007
  • GSOL spikes higher after Cramer hypes it
  • PMTI gaps +15% on FDA approval of consumer laser
  • Goldman expects TXN to lower guidance tonight
  • Merrill cuts oil forecast for 2007 to $60 (from $65)
  • Bear ups WYNN target to $108
  • Goldman raises NYX target to $120
  • Piper says channel checks point to strong Mac sales
  • FBR economist cuts 10-yr forecast to 3.90%
  • GRMN upped to Buy at Soleil ($58 target)
  • PAY profiled in IBD today
  • SNN close to $11B bid for BMET

long AAPL, GS


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