Pre Market

The indices in Asia were bearish. Europe is also currently bearish.

There is no economic data out today.

Blackstone Group is set to start trading today on the NYSE under the ticker BX. It will be ironic if today marks the all time high for Blackstones share price.

Bear Stearns is attempting a $3.2 Billion bailout of a money losing hedge fund unit of its. This will be the largest bailout since the LTCM debacle of 1998.

Financial stocks are under pressure as of late and today is no exception with BSC MS GS all down in pre market. I believe the markets will continue to act choppy until financials gain a solid footing.

Bond yields are up today with the 10 yr pushing 5.2%. Gold is also on the rise as the US Dollar continues to weaken this morning. The Yen meanwhile has dropped to a 4 year low against the USD.

On a side note, semiconductors look very strong. The SMH and USD look to be great plays for broad exposure to semis.

The US market looks to open lower this morning. Whether early morning weakness turns into something bigger or the bulls rally waits to be seen.

I will be busy most of the morning interviewing prospective admin assistants. In between I will be unloading as much of BX as possible.