Trader Talk

A Good Day For Stocks--Considering...

I don’t want to make too much of this, but it was a pretty good day for stocks, considering all the negative stuff the markets had to deal with. Consider:

1) Oil updespite dollar strength.

2) Hewlett was a drag on the Dow, on debate it may have overpaid for EDS  .

3) Wal-Martgave conservative guidance.

4) Oppenheimer lowered earnings on brokers.

5) Fed officials were saying that a quick rebound was unlikely; bonds moved down.

Despite all this, we were basically flat.

And: the largest insurer in the world raised a heck of a lot of money. AIG priced 171 m shares at $38—that’s $6.5 b , and they raised another 5.4 b of equity units (they’re registered trusts in which investors purchase units from a fixed amount of AIG equities). AIG up 1.8 percent, off its 52-week low yesterday.

Questions?  Comments?