More of a build than expected:
EIA NATURAL GAS INVENTORIES: +86 BCF VS. EXPECTED RANGE OF +70 TO +75 BCF
Financials and homebuilders getting a boost after Moody’s says downgrades will slow. Yea, that’s good news….makes everything all better now, doesn’t it. Commercial paper outstanding also fell a bit:
US COMMERCIAL PAPER OUTSTANDING FALLS $21.2B W/W TO $1.763T- FED
Many see this as a positive, and maybe I’m wrong (would concede to that), but with all the borrowing from the Fed’s, I don’t see why more CP would be issued. No need with the Fed pawnshops available. And, couldn’t it be that holders of the CP simply aren’t rolling it over, causing a decrease. Ok, someone correct my understanding on this one, I’m open to it.
2 Comments
May 1st, 2008 at 11:04 am
My DUG, POT, and DZZ (double short gold) positions are having a really nice run this morning. I continue to think that gold, oil and commodities will underperform in the short term.
I added a little to my MU position this morning. Someone really seems to want this stock. It has really been moving over the last month.
May 1st, 2008 at 11:22 am
Current Yahoo finance headline : STOCKS CHEERED BY ECONOMIC DATA. Wall Street rose modestly Thursday as investors looked past a dissapointing profit report by XOM and focused on economic data that was slightly more upbeat than expected. (The retarded write the news. The autistic trade on it)