Opening Look: Stocks Open Lower For Once
The market opened under some selling pressure, but is well off its worst levels in early trading. This is a change in character from all of the previous up opens in the market, that got sold off as the day wore on. Maybe today we will see the opposite?
Bernanke will speak today on the economic outlook, but I doubt he will say anything that will please the markets. I am quickly losing confidence in Uncle Ben.
Oil is down $2, falling to $93.65 today. While lower oil prices are good in the long-run, today they are taking down energy stocks which is weighing on the overall market.
Asian markets fell overnight amid worries about Japan's weakening economy. But with China and India firing on all cylanders, I think that the region is still in good shape.
There were lots of weak reports last night among retailiers, but Costco (COST) and Wal-Mart (WMT) bucked the trend, and those stocks are higher.
Capital One (COF) warned that its earnings would fall short, and its stock is hitting new lows. That's hurting the financial sector, although the brokers are trading higher, along with the exchange stocks.