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.
Sprintup 7 percent on word of a $12 billion joint venture with Clearwire; 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 ,Intel , Time Warner Cable , and Google , 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 and Transocean reported earnings well above expectations. Transocean up 4 percent, Devon 3 percent.
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