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.
Showing posts with label BSC. Show all posts
Showing posts with label BSC. Show all posts
Friday, June 22, 2007
Thursday, June 14, 2007
Pre Market
The markets in across Asia and Europe are very bullish.
The big news this morning is the Producer Price Index which is up sharply signaling inflationary pressures and thus treasuries are down and yields are rising in anticipation of a Fed rate hike sometime this year.
Losses in derivatives and widening credit spreads hits Freddie Mac hard.
Goldman Sachs reports increased profits though revenue in its trading and principal investment business was down considerably due to 'continued weakness in the subprime sector'. GS is down in pre market
Bear Stearns is reporting a 10% slump in profts as mounting home loan defaults reduced trading revenue. BSC is down in pre market.
Here is one to watch. Shares of Hoku Scientific HOKU are up over 60% in pre market as the company signs $678 million deal with Suntech Power STP. This small Hawaii based polysilicon maker already has $1 billion in contracts and its current market capitalization is around 75 million prior to todays jump.
Pre market futures are indicating a higher open. I would think the market sells of today as yields rise. Talk of rate hikes is not good for equities.
The big news this morning is the Producer Price Index which is up sharply signaling inflationary pressures and thus treasuries are down and yields are rising in anticipation of a Fed rate hike sometime this year.
Losses in derivatives and widening credit spreads hits Freddie Mac hard.
Goldman Sachs reports increased profits though revenue in its trading and principal investment business was down considerably due to 'continued weakness in the subprime sector'. GS is down in pre market
Bear Stearns is reporting a 10% slump in profts as mounting home loan defaults reduced trading revenue. BSC is down in pre market.
Here is one to watch. Shares of Hoku Scientific HOKU are up over 60% in pre market as the company signs $678 million deal with Suntech Power STP. This small Hawaii based polysilicon maker already has $1 billion in contracts and its current market capitalization is around 75 million prior to todays jump.
Pre market futures are indicating a higher open. I would think the market sells of today as yields rise. Talk of rate hikes is not good for equities.
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