Thursday, May 14, 2009

Light Volume Rebound Thursday

  • The market rebounded a bit today on lighter volume and had to fight off some selling near the close. Not exactly the most bullish action out there, as the market seems to be in a corrective phase following the recent bull rally.  Nothing unusual about this pullback just yet.  The market doesn't move in one direction forever without moving in the other direction here and there.
  • One thing that does pop out is how many sectors hit (or came close) to 200dma in this rally and bounced back down.  Comparisons to 2002 bottom and rally?  Maybe.  Plus, seasonality stuff, too.
  • American Idol finale pairs Adam Lambert and Kris Allen.  No surprises in the results from last night.  Danny Gokey faded at the end, but can still sing.  I still like Allison Iraheta better than Adam or Kris.  But America voted...
  • Chrysler to elminate 789 dealershipsMany of the dealers' sales are too low, the automaker said, with just over 50 percent of dealers accounting for about 90 percent of the company's U.S. sales.  Bad time to be in the car biz.  Although once things are lean and mean, the remaining companies could clean house.  Think about it.  With the bad press around US companies, Toyota, Honda and Nissan could gain market share, sales and profits.
  • Obama to expand housing plan.  (Plan or pain?)
  • Free Viagra for the jobless.  With nothing else to do, might as well keep it up all day long.  "Everybody knows now a neighbor, a relative who has lost their job and is losing their insurance. People are definitely hurting out there," Dr. Jorge Puente, Pfizer's head of pharmaceuticals outside the U.S. and Europe and a champion of the project, told The Associated Press in an exclusive interview Wednesday. "Our aim is to help people bridge this point." 
  • People helping people.  It's beautiful.
  • Commodities Contrarian Contango.  Kind of a George Costanza "just do the opposite" thing.  LOL.

Pic is Erica Durance, who plays Lois Lane in Smallville. Season finale tonight...