Friday, September 14, 2007

Bank of England Bails Out Mortgage Lender

After a solid day in the market yesterday, stocks are slighly lower in early trading after a weaker than expected retail sales report (+0.3%).

Also, Merrill (MER) downgraded both Intel (INTC) and American Express (AXP), which is weighing on the Dow average.

Overseas, the Bank of England provided emergency funding for the U.K.'s 3rd largest mortgage lender, showing that the liquidity problems are still with us.

Next week, the Fed meets, and while I think they will only cut 25 bps, their accompanying statement will be more closely read than anything in recent history.

Asian markets were up across the board overnight. Oil and interest rates are steady.

long INTC

1 Comments:

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