Wednesday, January 03, 2007

Back In The Saddle

The markets are getting a nice bounce in early trading on this first session of the New Year. You know I don't like strong opens, but maybe today can buck the normal trend.

Oil is breaking below $60 this morning, and that is weighing heavily on the entire energy complex. I am seeing red across the board there.

An ADP report on the jobs picture is forecasting a decline of -40k jobs this month, which would be a surprising decline. This is pushing bond yields lower, with the 10-year plunging 5 basis points to 4.66%.

The ISM Index was stronger than expected at 51.4 vs. 50.0 consensus.

In other news and notes:
  • KeyBank downgrades the entire drilling sector
  • Sun Trust ups URBN to Buy ($27 target)
  • Goldman downgrades semi equip stocks to Sell
  • Soleil ups AAPL target to $100; Merril to $102
  • Piper ups GOOG target to $630
  • CEO of Home Depot resigns; stock trades up
  • LEN issues downside guidance for Q4
  • WMT reports same-store sales +1.6% for December
  • TWP lowers estimates for BRCM
  • SIA expects +10% chip growth in 2007



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