Small Bounce After Thursday's Selloff
The market is trying to bounce in early trading, but there doesn't seem to be much conviction behind it. I thought yesterday's selloff was a bit of an overreaction, but it may take more than a day to recover.
Asian markets were lower across the board overnight, after the geopolitical uncertainty raised by the killings in Pakistan. The Yen is higher today, which is also a headwind for the markets.
There was another weak home sales report today, with November new home sales reported to have fallen -9% to a 12-year low. Bond yields are down over the last 2 days, with the 10-year yield back to 4.10%.
And oil continues to run, back over the $97 level, and making a run at the $100 level that everyone keeps harping on. This should help the energy stocks, and also continue to boost the solar names, which have had quite a run.
Last, don't even get me started on Disneyland. After piling the extended Kahn clan into the rented minivan and sitting in traffic to get to Anaheim, we got there and they told us that the entire park was sold out. That's right, sold out. Try explaining that to a bunch of 3-6 year old girls who have been waiting all week to see the princesses. Ugh.