Tuesday, September 18, 2007

Hurry Up And Wait

The markets are getting a nice bounce at the open, but it means little until we get the FOMC announcement at 2:15pm EST today.

Lehman Bros. (LEH) reported earnings this morning that were not nearly as bad as many had feared. The stock popped higher on the news, and is currently up more than 3%. This is helping lift the broker index and the financials overall.

Best Buy (BBY) also reported a solid quarter, and the stock gapped up. The retail index is the leading group so far, up by more than +1.0%.

Asian markets were lower across the board overnight. And oil is still in record territory after closing above $80 yesterday. I am surprised that this isn't more of a headwind, but the broker reports and FOMC meeting seem to be garnering all of the attention of investors.

On days like today, I wish I could point my remote at my trading screens and hit fast forward to get to today's big event. Hurry up and wait, I guess.


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