Economic Data Comes In Fairly Sluggish; Oil Up Again

There were several economic reports that came in this morning, but nothing really stood out. They were all fairly sluggish, and didn't seem to have much impact on the market.

GE announced that they are putting their appliance business up for sale. I think this is a good move, although in this environment there are probably not that many buyers. It would probably be a good fit for a foreign company, who would get a good buy in terms of the weakness of the dollar making the purchase price cheaper.

Asian markets were mostly higher overnight; the dollar is lower vs. the Yen and the Euro; gold and oil are higher, with oil topping $125 again; the 10-year yield is down a bit to 3.89%.

The market reversed lower yesterday in the last hour of trading. It looked to me like profit taking set in. When the tech stocks like AAPL, GOOG, and RIMM rolled over, it pretty much took the whole market down with it. I continue to think that the market needs a bit of a rest after the big rally since March, but it keeps stair-stepping higher.

long AAPL, GOOG