Monday, October 05, 2009

Monday Morning Musings

The market is getting a bounce this morning, after four straight losing sessions. Financials are outperforming (+2.3%) after Goldman Sachs (GS) upgraded the bank sector. Consumer staples are the only group in the red so far.

In economic news, the ISM Services Index for September came in better than expected at 50.9, which is nicely above August's reading of 48.4. The UK Times said that Britain's service sector grew at its fastest rate in 2 years during September.

Other than that, there is not a ton in the way of market moving news. There was no big M&A news over the weekend that I have seen, other than a rumor that Brocade (BRCD) could get bought by someone.

Asian markets were mostly lower overnight; the dollar is also lower, which is boosting gold prices slightly ($1003), but not helping oil much ($68.75); the 10-year yield is lower again, now down to 3.18%; and the VIX is also -4.3% lower to 27.44.

Trading comment: No trades on Friday or this morning, so far. The markets are still oversold, so I think they should bounce this week, and we are already seeing that this morning. But I suspect this latest consolidation will have a little more time to run, at least in some sort of sideways to downward fashion, although I think much of the downside risk has already been seen.

The S&P 500 has pulled back -5.5% so far, and I'm not sure we necessarily have to see a 10% pullback like many pundits are calling for. I saw a statistic over the weekend that in the last 3 post-recession recovery rallies, the Nasdaq rallied for an average of 16 months before it experienced a 10% pullback. So far, we are 7 months into this recovery rally. Just food for thought.

long GS

1 Comments:

At 3:53 PM, Blogger staffjam88 said...

Hi Jordan,

I have recently visited your website and am writing to try and arrange a quick discussion on the information you currently show as I recognize synergies between our respective websites and an opportunity we can both benefit from.

My name is James Stafford and I run the website OilPrice.com, where we focus on finance within the commodity sectors and after having researched your various pages I wanted to make you aware that we welcome companies such as yours to publish (at no cost) our Energy & Commodity Price Charts, Quotes and Data Panels, which cover: Crude Oil, Gold, Silver, Natural Gas, etc...
Please take a look at http://www.oilprice.com/charts.php to see what is available.

We have only recently launched the site which is why you may not have heard of us, but I would like to clarify that the information is very well presented and doesn’t carry adverts or anything else that would impair the quality for your visitors.
Our development team have also looked over your site and believe all the price formats we offer would be a great fit.

Hopefully you’ll get a chance to take a look at what we do and agree that our free data greatly complements your site and would also be of use to your visitors.

I’d also like to mention that we are looking for contributors to submit articles, so if this is of interest to you please do get in touch. Even though we are a fairly new site we have a PR 6 and are getting over 2,000 visitors a day (and this number is growing rapidly.) We are also creating a writers section which will feature prominently on the homepage.

Should you have any questions or would like to discuss anything I’ve mentioned please do get in touch..

Yours sincerely,

James Stafford
Managing Director
OilPrice.Com

 

Post a Comment

<< Home