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Dow Drives for Nine in a Row
It was a mixed and lackluster day of trading Thursday as the S&P 500 was left stuck in neutral while the Nasdaq Composite and Dow Jones Industrial Average both recorded modest gains.
For the Dow, it was the eighth straight winning session.
We will soon find out if eight is enough or if nine is fine for the blue chip average. Right now it is too close to call, just like the late action in many of yesterday's first round games in the NCAA Tournament.
The current indication provided by the futures market is pointing to a relatively flat start for the major averages.
There isn't much in the way of corporate news this morning and there isn't any economic data on the docket.
Best Buy (BBY) has been upgraded by Goldman Sachs from Neutral to Buy and Palm (PALM) had a disappointing earnings report.
Some of the other items in focus include the effort to pass health care reform legislation this weekend, speculation that the Fed is likely to boost the discount rate again before the next FOMC meeting, and word that Germany is cooling on providing direct financial aid for Greece if it is needed.
With each of these items remaining subject to headline change by the hour, it is only fitting that there is a lack of conviction in the futures trade.
Today at least should produce higher trading volume, if not genuine trading excitement, due to the quarterly options expiration and the rebalancing of the S&P 500, 400, and 600 indices.
Former Fed Chairman Greenspan is scheduled to speak at 11:50 a.m. ET on the financial crisis. Traders will presumably keep an eye on the wires for headlines from that speech, but more than likely they will be more focused on day two of the NCAA Tournament.
As a Vanderbilt alum, let's just say I'll be paying closer attention to Greenspan's remarks. Thanks a lot Murray St. Nothing says exciting like listening to Alan Greenspan speak.
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