What Happened To Good Ol Fashioned 'Window Dressing'?
The market is getting a small boost at the open, but nothing to write home about.
Lehman (LEH) was upgraded to Buy at Citi, a rare buy rating to be slapped on one of the brokers. Especially when rumors are swirling about more writedowns at Merrill (MER). The analyst at Citi said LEH has ample liquidity.
JCPenney (JCP) warned that its profits would come in below expectations this quarter, and that is weighing on the retail stocks. Tech is higher across the board, as are biotechs again.
Asian stocks were higher overnight; oil is trading lower today, just under $106; bond yields are down slightly, with the 10-year yield down to 3.50%; and the put/call is starting out elevated at 1.14.
The last 2 days have been a bit rough for the market, but we are now getting very close to quarter end. Considering how bad this quarter has been, I don't think anyone is going to make much of a fuss if some big funds do some good old fashioned window dressing. I hope that fund managers decide to put cash to work going into quarter end. Wishful thinking?