(As of 7:25 am pacific)
After a two-day trading hiatus
due to Hurricane Sandy, and the pent up demand for trading that built during
that period, the stock market opened ‘not with a bang, but a whimper’. Several big companies posted numbers that
beat expectations and news from Asia was good, while Europe was benign. All in all, what had been a nervous
anticipation transitioned into dull routine that left markets mixed. Some notable stories are that GM beat
expectations in spite of lower profits and Apple is experiencing continuing
growing pains as a purge of senior executives seems to be taking place with Tim
Cook firming his grip at the reins of the tech titan. The tipping point for this market might be
next week’s election and the urgent deadlines for action that rapidly
follow. Uncertainty is bad for markets
and there is a lot of it baked into the next eight weeks. Don’t be counting on a Santa Claus rally this
year!
