Wednesday, April 8, 2009

Morning Update/ Market Thread 4/8

Hey, I’m basically done with the arduous job of pleasing and paying the folks at the Treasury so that they can blow my money like drunken sailors on shore leave!

Nice U-turn last night to put the futures in slightly positive territory… the world economy must be a-okay because two nearly bankrupt homebuilders, Centex and Pulte, are going to merge. CTX stock jumped from $7.50 to over $10! People never learn.

And purchase applications are up! Low, low, interest rates, too good to pass up – a once in a lifetime opportunity, get ‘em while they’re hot!

It may take me a while to get back into the swing of these updates, I can tell. Here’s the overnight:

60 minute stochastic went out way oversold last night, so some up/sideways is expected to work those off. Are we going to go roaring higher? I doubt that, we have a fresh sell on the daily stochastic, but we’ll see. I’m sure the monkeys on CNBS will be pumping M&A, M&A, we’re all saved. Think I’ll keep a low profile until after the weekend.

Have a good day,