Thursday, November 08, 2007

Mixed Open For Stocks Ahead of Bernanke

After CSCO lowered its outlook last night, some traders I talk to were predicting a very weak opening for stocks this morning. And while the Nazz is under some pressure from CSCO, the overall market is pretty mixed.

Ford (F) and Morgan Stanley (MS) both reported smaller losses than expected, and the stocks are rallying. The latter is helping prop up the broker index as well. Given that Goldman Sachs (GS) has repeatedly denied any writedown rumors, I am surprised it is not up more. But it's still early.

Oil is up again this morning, topping $97. This is helping the energy complex. But bond yields are lower again, with the 10-year yield back down to 4.30%. Seems to be forecasting more of an economic slowdown.

Asian markets got whacked overnight, following our lead from yesterday. And the retails sales reports that came out this morning were mixed. Also, Bernanke is testifying today, which should be intersting.

long GS


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