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Bob Pisani reports on the trading day from the NYSE
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May.07
9:12 AM ET
Wednesday, 7 May 2008
What Does The Market Need? More Demand

Dollar finally rallying today after a couple of down days. Metal commodities lower, but energy commodities flat.

Modest pop in futures as first quarter productivity rose a better than expected 2.2% vs expectations of 1.5%.

What we need here is more DEMAND; we need heavier volume on up days, and a clearer rotation into techs (already evident), industrials, and financials. It's not enough to just say, "Well, we haven't really seen any serious selling in a month." That's true, but not enough. Necessary, but not sufficient.

Sprint [S  Loading...      (%)   ] up 7 percent on word of a $12 billion joint venture with Clearwire; [CLWR  Loading...      (%)   ] they are merging their wireless broadband units. They will be trying to roll out the first high speed mobile unit using the WiMAX network. Financing is being provided by Comcast[CMCSA  Loading...      (%)   ] , Intel  [INTC  Loading...      (%)   ] , Time Warner Cable [TWC  Loading...      (%)   ] , and Google [GOOG  Loading...      (%)   ] , and Bright House Networks , for a total of $3.2 billion. Google will be Sprint's preferred mobile search provider.

Increased oil and gas production, as well as higher oil and natural gas prices, helped Devon [DVN  Loading...      (%)   ] and Transocean [RIG  Loading...      (%)   ] reported earnings well above expectations. Transocean up 4 percent, Devon 3 percent.

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