Thursday, September 13, 2007

Morning Market Buzz 9/13/07

The children are at home from school the next two days for Rosh Hashanah, so there's a long weekend feel to things here at the Kingsland household.

Volume, if it can get any lower than it has been over the last few weeks, could be lighter today and tomorrow. There's the old adage, "sell Rosh Hashanah, buy Yom Kippur". This morning the flow is going the other way with a decent bid in S&P futures.

Key headline this morning: Jobless claims up 4000 last week. That number was 6k below expectations and enough to send futures to the best levels of the morning.

It's a wash on the jobs front at Washington Mutual: WaMu to cut 1000 jobs, add 1000
But not at First Horizon: First Horizon to cut 1500 jobs by mid-2008.

At Countrywide, job cuts are well publicized. But a so-called "hit list" of employees to lose their jobs was sent out accidentally via email. Ooops: Countrywide Layoffs (video report from a So Cal tv station).

GM will be a big Dow driver today: GM shares rise on Citi recommendation. Mickey Dees will also help the Dow: McDonald's Super Sizes Dividend.

On the other side of the spectrum: Alcatel-Lucent warns, again

The dollar index slide is taking a breather, but among individual currencies: Canada's Dollar Rises to 30-Year High on Oil, Rates (Update1).

Crude oil consolidates: Oil price hovers near new record. I will have further analysis later today.

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