Monday Morning Musings

So, I was looking forward to a nice weekend of Ohio sports to take my mind off the market drubbing last week. Ohio State couldn't get anything going and lost to Illinois, pretty much ruining their shot at a national championship. The Browns stunk in up against Pittsburgh, missing a last minute FG to tie it up. But at least I got to go to the Cavs. vs. Clippers game last night and watch LeBron bring home a win for the Cavs. One out of three, not so hot.

Back to the markets, the financials seem to be shrugging off more bad news this morning from the credit markets, which is a positive. E-Trade said it expects further credit losses to keep it from reaching its prior guidance.

IBM announced it will acquire Cognos (COGN) for $5 billion, but the news is not helping the overall tech sector that much. And oil is down over $2, which is pressuring the energy complex and probably weighing on the overall market.

Asian markets were down sharply overnight, while the Yen is spiking higher overnight. It should be no surprise that the sharp spike higher in the Yen last week was a result of the Yen carry trade unwinding some, and those folks likely were selling stocks in earnest. I think we need to see the Yen come down to reinstate a sense of calm to the markets.

The bond market is closed for Veteran's Day today, so don't look for any clues there. But with the financials shrugging off more bad news, I think the markets can rally today.