Bears Wondering If The Market Will Ever Go Down Again?
One of my short selling colleagues said Sisyphus had it easier than the short-sellers do today. The S&P 500 rose 0.77% last week, making it the 5th consecutive week of gains for the senior index. The Nasdaq 100 gained only 0.25%, also for the 5th straight week.
There was some more M&A news this morning. Alcoa (AA) is bidding for rival Alcan (AL) again, and Armor Holdings (AH) is being acquired by BAE Systems.
Bond yields are steady at 4.64%, while oil is falling again, down to $61.50. Interesting that while everyone was out there predicting $70 oil by Memorial Day, crude can't seem to gain any upside traction.
Asian markets were higher overnight, and our markets are up in early trading as well. Brokers are giving back some recent gains so far, while materials stocks are powering higher.