...to the tune of a few points higher for the Dow and quarter percent gain for the Naz. The market remains stuck... overbought, many would say. VIX and VXO continue to flash a "watch out" especially as the VXO goes from below 10 back above 10 again (we know what that has caused in the past). Put to call ratio, also not encouraging for the bulls. But even with some important indicators flashing potential correction, no major fireworks has really resulted as the market remains range-bound (and you though only your steak could be range bound).
I called a friend at a trading desk down on Wall Street this morning with a question, and there was a flurry of activity in the background about a certain subprime lender and whether anyone was hearing about reverse conversions. Oy. That troubled subprime lender is higher this morning! Little do the sheeple know.
EOP is the big post bell development... should have known that Sam was sticking with the better quality money from Blackstone - a no brainer. Vornado (VNO) saying, buh-bye. That leaves me wondering what happens with the whole Mills (MLS), Brookfield (BAM), SPG saga. Stay tuned!
As I cautioned over the weekend, $60 would be tough for the crude oil bulls and it has. But the bears have no game either and have only been able to push WTI down to around $58.65ish, so we're in consolidation mode. Same for nat gas, my caution there was that early this week would be the coldest and then more seasonal... more seasonal amid copious supply would make it hard for nat gas to rally much further. I am waiting for 10:30 et crude inventory data to perhaps spice things up.
Gold... same there, I'm still waiting for sellers to be mopped up into $665... but really its more than that - it's the dollar which needs to resume it's decline, or for geopolitical events to hot up further.
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