Friday, March 23, 2007

Geopolitical Worries Not Weighing Heavily On The Market

The market opened fairly flat, despite some news on the geopolitical front. The British Ministry of Defense reported that 15 Naval personnel were seized by Iran. I don't know about you, but this doesn't sound very pleasant.

Existing home sales just came in better than expected (6.69M vs. 6.30M), rising +3.9% in February. This really improved sentiment in the market, and the indexes have spiked higher for the moment.

Asian markets were up again overnight, for the 5th straight session. European markets were mixed. Oil is rising, mostly on geopolitical concerns, and is now up to $62.50. Bond yields are stable with the 10-year yield at 4.58%.

Yesterday was a quiet day, just what you would like to see after the big rally we had on Wednesday. I suspect today could be a similar session. But that would set us up nicely for more gains in the near future, once the markets have worked off their overbought condition.

And last but not least, did you see that Ohio State game last night? What a nail biter! Of course, if you turned on the game when Ohio St. was down 20 points, you probably just wrote them off. Wrong! They pulled out an amazing win. Go Buckeyes!!


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