(As of 7:30 am pacific)
This morning’s continuation of
the huge rally of the last two trading days will be difficult to hold. There are no economic reports out today. News from Europe is muted. A couple of names are in the news. Knight Capital looks to have been rescued
this weekend, but stock holders are paying a hefty price as the stock has
dropped another 25%. Best Buy has a
buyout offer whereby its founder wants to take it private. Although the stock is up, the offer is being
looked upon with skepticism since the financing is not yet in place to complete
the deal. Still, the stock is up
18%. Gold is up slightly, oil down
slightly while most other commodities are down.
The dollar is up against most currencies. Mortgage rates are drifting slightly higher. Look for stocks to drift lower, but there is
a good chance that momentum will end a long streak of down Mondays.
