Monday Morning Musings
Markets across the spectrum are down this morning, following on the heels of Friday's late weakness. Europe and Asian markets were down significantly overnight, the first sign that our markets might open weak.
And it isn't just stocks. Oil is trading lower, below $61. Gold is down $8. And the yield on the 10-year is falling below 4.50% today. Lower bond yields could help the subprime market a bit if they go low enough to kick in another round of refis.
There was no big M&A news this morning to get investors excited, like we have had over the last several weekends. The big news has been what is happening to the sub-prime lenders. Check out the stocks of NEW (-50%), FMT (-25%), and LEND (-18%), which continue to get absolutely crushed.
I am seeing a few positive stocks this morning, mostly in tech, which could be a positive tell. The markets had a huge pullback last week, so some stabilization this morning could be the first step towards a rebound.