(As of 7:20am PST)
Stocks have
opened relatively flat this morning with little economic news to move the
meter. It appears that the Fed has replaced oil as the major market mover.
While oil has continued to be unstable due to continued oversupply issues, the
Fed’s announcement last week that a rate increase may not be in the cards for a
while has given the markets a lift even while oil prices have fallen. With a
light week of economic reporting, the Fed play is the only thing that investors
have to chew on until earnings season begins next week. There is some merger
and acquisition activity that may grab some attention. Alaska Airlines has said
it would buy Virgin America for $57 a share in cash which is well above Virgin’s
closing price of $38.90 closing price on Friday. Virgin shares have taken off in
the wake of the news. In news around the world, most of the markets in China
were closed because of a holiday while markets in Europe were mostly up. The
U.S. 10 year treasury is up in early trading and both gold and silver are down.
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