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
long GOOG, ISRG