Shaking Off The Financial Woes
While most of the day yesterday was focused on the big Merrill write-down, the market came back a lot by the end of the day, closing near its highs. This morning, the market is bouncing around on mixed data.
The durable goods report was weak, and took the market lower, but the new home sales report looked pretty good, and the market bounced. There was also good earnings reports from the likes of MOT, AET, EMC, and AKAM, to name a few.
Asian markets were mostly higher overnight, with Hong Kong hitting new record highs. Bond yields are steady, with the 10-year yield at 4.35%. But oil is higher again, with crude near $88.43.
Earnings season came make for a minefield in taking new positions. I am trying to find companies that have already reported solid earnings, whose stocks haven't taken off yet. Those should do well in the weeks ahead. If you have any good candidates, please share.