Wednesday, May 23, 2007

Brief Evening Market Comment

Toppy and Sloppy again. Out of the gate fairly firm this morning only to lose momentum as the day progressed. Is this three strikes and you're out with the S&P 500 stalling out for a third day? Or, just waiting for the latest indicators on the economy including housing data and jobless claims tomorrow morning?

Former Fed head Alan Greenspan threw a wet blanket on the proceedings of the bulls by (and remember he is now a gainfully employed bond guy) proclaiming that the floor will soon be removed from the Chinese stock market. Ya think?

Stock players have also been keeping a wary eye on the bond market: 10-year yield at 3 1/2-month high.

Fifth Third (FITB). I more than doubled on my calls and dumped them. No news to explain that thundering options pile on. Perhaps I should have held some, but "sell too soon" are not bad words to live by when a gift-option practically falls from out of a blue sky.

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