Monday Morning Musings

The markets are continuing to bounce from their oversold levels last week. This morning, stocks are up sharply on news of a bailout package for Greece. The Dow was up 100 points at the open, although it is fading a bit at the moment. We will have to see if month-end buying keeps a bid under stocks into the close.The big news is obviously the prospect for a German-led bailout package for Greece. Details are thin right now, but the rumors are that it would avoid a total restructuring of Greek debt with more details coming out by the end of June.Asian...

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Stocks Beginning To Bounce From Oversold Levels

The markets are higher this morning, after falling for the last 3 days. Energy and materials stocks are the strongest so far, while defensive utilities and consumer staples are lagging.The dollar is up modestly, but that isn't hurting commodities yet. Oil has risen back above the $100 level, and gold prices are higher near $1526. Silver prices are also moving up.In economic news, durable goods orders fell more than expected in April, declining 3.6%. Though some of this decline is simply due to the robust 4.4% increase in the previous month.In corporate...

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Goldman Upgrades Outlook For Oil Prices

The market is up slightly in early trading, but the action is mixed. Energy is getting the biggest bounce following yesterday's selling, as commodity prices rebound.The dollar is lower today, which is helping boost commodities. Oil prices are up near $99.50, bolstered by a bullish call from Goldman Sachs, who sees Brent Crude prices hitting $120 this year and higher next year. Gold prices are also higher, trading above $1525.The IPO hype is back in effect today, with Russia's Yandex (YNDX) coming public. Anytime you label something "the Russian...

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Monday Morning Musings

The market is lower again this morning after weakness in overseas markets has been the primary driving factor behind the selling.There were no economic reports here in the U.S., as investors took their cues from Asia and Europe. Asian markets were lower across the board overnight, led by a 2.9% drop in China. Europe is also lower this morning after Italy had its debt rating downgraded by S&P over the weekend, and Fitch downgraded Greece again.This has also led to selling in the euro, and a bounce in the dollar. We are actually seeing the old...

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More Problems In Euroland

The market was set to open relatively flat, but the news that Fitch downgraded Greece again led to some concerted selling in the market. Fitch lowered its rating on Greece to B+ from BB+. This also caused spreads to widen on other Euro bonds, and has put pressure on the euro as well.It's funny that our market seems so tied to the euro, but lately any day that the euro is down, our markets are down also.With the dollar higher, most commodities are under pressure as well. Gold is bucking the weakness, and trading above $1500 today. But oil prices...

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LinkedIn, LinkedIn, LinkedIn!

Does anybody care about all the stuff going on in the market today, or is it all about the LinkedIn (LNKD) IPO? CNBC has a special orange box at the top left of their screen monitoring each tick in the price of the stock today.I was shocked when I awoke this morning to see the IPO trading up to $80, up 75% from its IPO price of $45. But instead of taking a step back, and contemplating if the company is really worth 30x sales right now, investors have continued to pile in, and as of this writing, the stock has topped the $100 mark, up more than...

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Market Bounces From 50-Day Averages

Yesterday I commented that the major averages had come down to test support at their 50-day averages. So far, that support has held and the indexes are bouncing from those levels. The question is will the bounce last, or is it just an oversold rally?There were some solid earnings reports that are boosting related stocks today, including the likes of DELL, ADI, and Abercrombie (ANF). One report that looked good but is not helping the stock is Deere (DE).The big bank stocks are lower on renewed chatter about more stress tests.The dollar is higher...

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Markets Struggle To Hold 50-day Averages

The market is under pressure again in early trading, led by a bounce in the dollar and continued weakness in commodities.The major indexes are now struggling to hold above their respective 50-day moving averages. The S&P 500 needs to close above 1325, while the Nasdaq needs to hold 2771.In economic news, both housing starts and building permits came in weaker than expected. The housing market continues to bump along a long bottom without making much progress.In corporate news, HPQ reported solid earnings but issued downside guidance for next...

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Monday Morning Musings

The market is slightly week this morning, while newsflow is relatively light to start the week. The big news over the weekend was the head of the IMF getting arrested in NY ahead of a eurozone ministers meeting today. While I would have expected that to weigh on the euro, the euro is higher today against the dollar.Commodities are flattish, with oil prices slightly lower to $98.85 and gold prices also down a bit near $1494.Among the sector funds, financials are strongest out of the gate so far while tech is mostly lagging.Asian markets were lower...

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Stocks Close Out The Week On A Down Note

My apologies for no posts yesterday and this morning. It was not for lack of effort, but the Blogger site that I use was down.Stocks finished the week on a down note, with the S&P 500 declining 0.2% for the week. The volatility in commodities continued this week as well. Oil prices closed at 99.50 for the week, and gold prices were lower at $1493.Concerns in Europe finally led to a breakdown in the euro, which plunged this week to close at $140.52. (It figures the euro waited to fall until after I made my final payment for my golf trip with...

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Stocks Pause After Three Day Run

The market is lower in early trading after putting together a nice three day run. The rub on the recent rally is that volume has been very light. You really want to see the opposite. You want to see markets rally on strong volume and pullback on lighter volume. There isn't much in the way of market moving economic data this morning, so most of this is just profit taking.The dollar is up a bit this morning, which could be weighing on commodities. Oil prices have pulled back below $101, and gold prices are also down, near $1506. Silver prices are...

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Will Microsoft Make Money From Skype?

The market is higher again in early trading, after Europe breathes a sigh of relief with respect to Greece. Greece completed a successful debt offering, issuing 1.625 billion euros of 26-week bills that drew an average yield of 4.88%.This helped push European markets higher this morning, which likely aided sentiment here when our markets opened. Asian markets were mixed overnight.Also in the news is a deal by Microsoft (MSFT) to buy Skype for $8.5 billion in cash. Considering eBay couldn't make any real money with Skype, I highly doubt MSFT will...

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Monday Morning Musings

The market is a touch lower in early trading, after mixed action overnight in Asia but much weaker action this morning in Europe.Spain fell 1.9% and Greece was down 1.4% after S&P downgraded Greece's debt again amid concerns the country would need more bailout funds.This also has led to a slide in the euro relative to the dollar. But the bounce in the dollar isn't keeping commodities from bouncing also. Oil prices are up near $99.50, after falling more than 14% last week. Silver prices are up 5% after plummeting 27% last week. And gold is also...

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