Thursday, September 27, 2007

Asian Markets Soar Overnight

The market is higher in early trading, after Asian markets soared overnight. Foreign markets were higher across the board, led by Hong Kong and Japan which both surged more than +2.4%.

Economic data in the U.S. was a bit weak this morning, with a slight downward revision to GDP (to +3.8% for 2Q) and a weaker-than-expected new home sales report. No surprise there.

MSFT is higher after the media described the release of Halo 3 as "the most successful release in the U.S. entertainment history".

Bond yields are steady, with the 10-year yield hovering just below resistance at 4.61%. And oil has spiked higher again, breaking back above $80, currently at $81.44.

The pop in oil prices is helping the energy complex bounce back, but semis are the best performing group in the early going, +1.0%. Biotechs are retail are the early laggards.

long MSFT in client accts


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