Monday Morning Musings

Not a lot of market moving news this morning to get the week started. It seems like more of the same right now, with financials trading heavy and energy leading the way.


H&R Block (HRB) beat earnings, and its stock is higher. Also, BUD announced it will be trimming its workforce by 10-15%. But those appear to be stock specific events, as opposed to market moving ones.

Oil is trading higher once again, topping $142 this morning. This has the energy complex up across the board. Coal stocks seem to be leading, with many making new highs. But nat gas stocks, ag, and steel stocks are also strong.

Asian stocks were lower overnight, as worries about high oil prices persist. The 10-year yield is lower at 3.96%. And the VIX is higher by +3% to 24.1.

This is the last trading day of the quarter, but as far as I can see, quarter-end has had little effect. Normally you see portfolio managers do some window dressing. If this has occurred, it probably only showed up in the form of furhter selling of losing stocks. But buying pressure has been non-existent, and we remain heavily oversold.