Morning Stock Report, March 18 2008
The market has opened well to the upside thanks to better then expected earnings from several investment banks and the expectation of another rake cut coming this afternoon.
As of 9:37 AM the NASDAQ is up 2.1%, and the S&P 500 is up 1.9%. Gold is flat at the open and seems to be trending sideways.
Goldman Sachs (GS) is up 6.4% right now after reporting a smaller then expected drop in first quarter profit. Alongside GS, Lehman Brothers (LEH) is up 15% on topping estimates of 72 cents a share, and UBS is up 9.7% after announcing the Chairman took a 90% pay cut for 2007.
The big news today is going to come when the Fed announces its rate cut, which could be as large as 100 basis points, or 1%.
Right now I am seeing green across the board, with Fertilizers, Oil stocks, Gold stocks, and even internet stocks all up. The average gain seems to be about 2.5%.
What do you think about shorting LEH into this strength?
phenomenal day, i’m still skeptical that this rally sustains itself.
caution is the word for me…..don’t get too greedy, but if you are long term, it appears things are very encouraging.