Ready For Another Leg Higher?
The market is getting a pop at the open. The SPX just made a new high, while the COMP looks poised to breakout from its three week tight consolidation. I sense another short squeeze in the works.
Oil is trading up, above $62, boosting the energy complex. The 10-year yield is also a bit higher at 4.59%.
Semis, biotechs, and retail are strongest out of the gate so far. Materials are lagging.
In other news and notes:
- Big SIRF customer finds second source for chips
- ZMH offers conservative guidance
- PPDI mentioned in Barron's Online
- GE wins $1B Saudi gas turbine contract
- Asian markets strong overnight
- LEH beats EPS by 4 cents
- Jeffries starts STP with Buy ($38 target)
- DRIV downgraded to Neutral at Credit Suisse
- GERN down on stock offering
- HLT target upped to $45 at BofA
- RTSX target upped to $40 at Needham
- Amtech raises RIMM target to $175 ahead of qtr
- STEC profiled in IBD
long GE, SIRF