Friday, November 23, 2007

Small Bounce On Shortened Trading Day

The market is getting a little bounce at the open, but bulls would like to see some real conviction behind it after the recent drubbing the market has taken. This might be a tall order on a shortened trading day like today, where many traders have likely taken the day off. But not yours truly.

There was some news that E-Trade (ETFC) is considering selling itself. Also, GMAC is looking to shore up its ailing mortgage lending business. These pieces of news are helping the financial sector lead the market this morning, with the brokers up the most so far.

Asian markets were mixed overnight, with bargain hunting in Hong Kong and some selloffs elsewhere. The Yen is up again, which I hate to see more than anything.

Oil is roughly flat, trading above $97. And the 10-year yield has bounced slightly, hovering at 4.03%. I would like to see this one trend higher as well, to quell fears of an impending recession.

Most of the focus will be on the retailers today, as it is "Black Friday". I have some shopping to do, but the thought of going near the malls today is frightening. At least the Colorado-Nebraska game is on soon. Go Buffs!!


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