Morning Market Look


Enjoy your three day weekend.

So far we have rallied about 10 $SPX handles off the lows. Not bad considering that some think Rome is starting to burn again. We saw a nice open yesterday and rallied about 13 handles from the open, but the market got a little cautious and nervous and we sold some off. Hedge funds and day traders are having fun with this market and the buyers aren’t of the “sticky” variety yet.

Stocks that didn’t care about Syria or tapering yesterday were: $Z, $NFLX and $YELP to name a few. Some of the big biotech  stocks have been rebounding nicely over the last few days. See $BIIB, $CELG, and $GILD.

The financials are chopping. Maybe they are waiting for yields to settle, they also are facing some regulatory headwinds, so prices seems trapped for now.

$GOOG held its 150 day moving average and bounced a little. Watch that 847 level as support.

Mexico is starting to import tequila to China for the first time ever. That should end well.

Prices rose in Japan to the highest level since 2008. Go Abenomics!!!

Carl Icahn increased his stake in Nuance $NUAN and may seek a board seat.

$GE will spin of its retail lending unit to focus on industrial stuff.

$MSFT and $AXP are discussing a stake in Foursquare.

California plead guilty to hiding funds in Israeli banks to avoid taxes. Go Cali!!!!!!!!

The U.K wants nothing to do with a Syrian air strike , so the most telegraphed U.S. attack on a country is still on hold.

Right now our futures are slightly green. Hard commodities are down . Europe is slightly red and Asia is seeing some greenery right now.

Enjoy the long weekend and get some rest. The last four months of the year should be  hoot.

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