Strong Bounce in Early Trading
The market is opening on a positive note. The housing data came in a little better than expected, causing for another call that the worst of the housing slump is behind us.
Oil prices have fallen further, breaking below $61. This is weighing on the energy complex. For its part, the 10-year yield is up a bit to 4.61%.
The dollar is down today on news that the United Arab Emirates is looking to diversify some of its holdings away from the dollar.
The NYSE opened 2 minutes later this morning to observe the passing of Gerald Ford. I met him once when I was young, skiing in Beaver Creek, and he was very friendly. I know this doesn't speak to his political accomplishments, but it is a memory that sticks with me.
In other news and notes:
- AAPL gaps lower on faked documents rumor
- SEC starts formal options probe on UNH
- Asian markets strong again overnight
- STP featured in IBD
- ICE target raised to $125 at BofA
- NEW falls after declaring dividend