Wednesday, September 13, 2006

Big Day for the Markets

Well, today was a huge day for the market. The good news was that the rally we had was really broad-based. Always nice to see everyone get a piece of the action.

The main catalysts were the Credit Suisse upgrade of the chip sector, strong earnings from both Goldman Sachs and Best Buy, and also some apparently favorable presentations coming out of the Credit Suisse Homebuilder Symposium (the Homebuilding sector was up a whopping 6.1% today). And, oil continued to fall. It is now sitting below $64 a barrel.

Scanning the news, it looks like Home Depot (HD) was helped by a Chicago Mayor's decision to veto an ordinance that would have required the large retailers to pay their workers wages much higher than the minimum wage. Additionally, it looks like there's a rumor going around that Eddie Lampert, the guy behind the huge Sears-KMart mega-merger, was loading up on HD. In any case, whatever it was, the stock moved 4.6%.

Let's see what tomorrow brings. Looks like the Asian markets are only up a smidge following our strong rally.

Before you go, check out these articles. I found them interesting.

Why Gambling At The Office Pays - Talks about the predictive power of wagering by the masses. Reminds me of the time when the government actually considered a terror wagering market to predict future terror attacks.

Where You Live Is Factor In Longevity - Pretty interesting findings that not only links race to lifespan, but geography as well. The evidence supports a notion that America can be subdivided into eight disparate subsets.

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