Monday Morning Musings

The market got a bounce at the open, but it is currently under pressure. The financial sector is lower this morning, and the trend lately is that the overall market has had a difficult time lifting without participation from the financial sector.

CNBC reported that Citi (C) is preparing for massive layoffs. Also, Fannie (FNM) and Freddie (FRE) were downgraded by UBS this morning. The banks and brokers are down roughly -2.0%.

ShopperTrak said that Black Friday sales rose +8.3% from year-ago levels, higher than was anticipated. But UBS still expects holiday sales this year will be the weakest since 2002. Ouch.

Asian markets soared overnight, rising 2% - 4% after the US bonced on Friday. The Yen is flat this morning, but still at lofty levels.

Oil is lower this morning, on rumors that one OPEC country could announced a production increase. And bond yields are slightly lower, with the 10-year yield struggling to stay above 4.00%.