The early morning market action is being driven by news out of Europe and a double-dose of Jobs.
First of all, my condolences to the Steve Jobs family. What a great innovator of our time. The death of the savior of Apple has Wall Street mourning and the stock off slightly. We own shares of $AAPL for clients and will continue to hold as I feel the departure of Jobs earlier this year has already priced in his absence.
The other jobs moving the markets is the weekly jobless claims that came in better than expected. This gave stocks a small boost pre-market and could be good news heading into tomorrow's very important monthly employment report.
Europe again at the top of the headlines. The rumors of the EU coming together to restabilize the banks was a positive, but the lack of a rate cut by the ECB was negative. The two stories coupled with the Jobs' headlines have the market little changed from last night.
It will be interesting today to see if the recent rally can continue. My first thought is that another big move higher could be in the works if the news out of Europe related to their banks is positive. On the other hand I am leaning towards one more big down draft in the overall market in the next couple of weeks.
Buckle Up!
Market expert and TV personality Matt McCall blogs about what is really moving the markets. He will emphasize Exchange-Traded Funds (ETFs) and individual stocks throughout the trading day.
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