THE OPEN
Markets opened lower but have come back near the flat line as the worst fears of investors/traders have not been realized (still early).
Checking the sectors that were supposed to sell off on a dem takeover of congress, the oils and oil service (XLE/OIH) are trading higher along with retail, internets, tech and semis. The worst groups are drugs (-1.65%), airlines, trannies, biotechs and metals.
Market internals started opened with about 2,000 more losers than winners and have flipped to near flat.
The losers on the DJIA are PFE and MRK with AXP MO and XOM the biggest gainers.
I don't think this is what most "CNBC EXPERTS" expected, but it is what it is and the bottom line in my opinion, there continues to be a demand by investors for equities.
posted by DAVID at
10:14 AM
2 Comments:
Hello Shark,
You have to be careful w/CNBC when it comes to their assessments of how politics will impact the markets.
Kernan was talking to Bill Frist yesterday and he slipped and said - if "we" lose the house tomorrow. It would be a notable slip by Kernan - who should at least be pretending to be an objective business news reporter - except that Kernan doesn't really work very hard to hide his bias. I have heard Quintanilla is the same way - but I haven't heard for myself. I have heard Jane Wells leaning right with some of her reports - although she has toned it down as of late.
On the other hand, I hear that Faber and Quick lean left. No emperical evidence.
Anyway - CNBC seems to be a bit of a pipeline to FOX. Martha McCallum, Bob Sellers and (with possibly a new project on Fox) Alexis Glick are all CNBC alums. I have heard that Bartiromo was brought into the business by Roger Ailes and that she played CNBC against the potential of heading a FOX show during her contract negotiations.
Anyway, nice site. Keep up the good work.
CNBC has a bullish bias for a very good reason- Higher markets bring higher ratings- Higher ratings bring more ads/revenue- More revenue brings higher salaries etc- simple as that-
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