Markets across the world are flourishing to start the week:
Nikkei +7.25%
Russia +4.5%
Shanghai +4.2%
And our own S&P futures are up 4.25%. What does this signify?......investors are confident that governments worldwide are finally moving in the right direction to unfreeze credit markets for banks and consumers alike. News on this global crisis will be abundant this week, so keep your ears open. Keep in mind that it is also option expirations week, when institutions will either be exiting or exercising all of their front month positions. Historically, this activity translates to a mostly flat week for the markets especially towards the end, but we all know that a flat, steady week could be exactly what the doctor ordered.
No major earnings annoucements today, but Johnson & Johnson will be reporting during trading hours tomorrow. They are a gem in Pharma with great fundamentals, and if the markets are trading up on bailout news today, I would expect JNJ to trade very nicely after they reveal their 3rd quarter results tomorrow.
Will we finally see the Dow end a day in the black? Well for all my poker fans, I will definitely be staying in today's hand to see the river.
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