Market Recap

The major indices ended the session slightly higher. There was noticeable strength in the last 2 hours of trading which is an encouraging sign from a bullish perspective. April is historically the second strongest month of the year for equities, even more so in the 3rd year of the Presidential cycle.

A lower than anticipated manufacturing number put a lid on the markets early on though, the number does indicate economic expansion albeit at a slower pace.

Commercials have increased there net long positions/decreased short positions in recent weeks.

Utilities and energy are leading the way while tech and financials are lagging.

As expected New Century filed for bankruptcy. I expect companies like Countrywide to benefit tremendously as some of the weaker lenders go bust. People will still get mortgages and that means more business for the survivors in the mortgage lending industry.

Is the ethanol craze going to be replaced by the biobutanol craze ?

With Microsoft and Google bidding for Doubleclick, there are other names that could potentially be taken out in the online ad placement niche.