Monday Morning Musings
Strange market this morning. Lehman (LEH) announced a huge loss and had to raise more capital, but the other financials are hanging in. The energy stocks are on fire, even though oil is lower today, and the materials stocks are way up too. But tech is the big laggard on the day, and trading very heavy.
Oil is down around $136, natural gas is flat. The dollar is up vs. both the Yen and the Euro, and gold is roughly flat also.
There was a better-than-expected pending home sales report today, which showed a +6.3% bounce in the index. This is the highest reading since October, but still down -13% from year-ago levels.
Expectations are running high ahead of Apple's Worldwide Developers conference, with an announcement about the new iPhone expected. But the stock is trading lower this morning, along with the rest of tech.
I was sick all day yesterday, I think I caught something from the kids. So I am a bit under the weather, and my blogging may be light today.