Tech Tries To Bounce, Financials Still Weak
(I typed this whole post earlier, but Blogger lost it. So frustrating)
Tech stocks are bouncing this morning, led by the big-cap leaders. Financials are weak again, amid lingering concerns about the capital positions and solvency of Fannie and Freddie. Paulson and Bernanke have been dragged before Congress to testify on the matter.
Retail sales were mixed, with some strong reports from the likes of Wal-Mart (WMT). It seems the rebate checks are helping, and WMT actually raised its earnings guidance as well. I still think a lot of those rebate checks will be spent on the new iPhone!
In corporate news, Dow Chemical (DOW) is buying Rohm & Haas (ROH) for a 78% premium to yesterday's close. If you own ROH this morning, you are one happy camper. Also, GE said it is looking into selling off its consumer and industrial unit, which helped the stock bounce early, but the effect is fading.
Asian markets were mixed overnight, and the dollar is mixed this morning. Oil is back up today, trading near $138. The 10-year yield is down to 3.80%. And the put/call is high again at 1.22 on the CBOE and 1.54 on the ISEE.