Friday, December 22, 2006

Where's Santa?

The market is opening under pressure this morning. Given the afternoon weakness that has been showing up recently, I sort of prefer this action. Hopefully, the market can gain strength into the close. Of course, few people have big conviction ahead of a long holiday weekend.

It has not been a good week for growth stocks. The SPX has held up better than the Nasdaq, although I have been looking for the latter to regain leadership. The Nazz is now oversold, and I still think Santa could show up for a late year appearance. Better late than never.

Durable goods came in stronger than expected (+1.9% vs. +1.5%). This has bond yields rising a bit (4.58%), but they are still pretty low. This report lends itself more to the soft landing thesis, while yesterday's Philly Fed might have been an aberration.

In other news and notes:
  • Cramer hypes JSDA (+10%)
  • Asian markets up overnight
  • Cantor starts GOOG with $650 tgt
  • RIMM reports strong earnings, guidance
  • WAG beats estimates; stock higher
  • ThinkEquity ups RIMM tgt to $165
  • Wachovia bullish on ISRG



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