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Stocks look to start the day on a positive note as earnings from tech giant Oracle Corporation after the close last night came in better than expected, a Memphis hospital where Apple C.E.O. Steven Jobs had his liver replacement stated that his chances for recovery were excellent, earnings from Monsanto were above estimates and finally Orders for Durable Goods for May were up a strong 1.8%, matching April’s number.
Our take on the markets has not changed. Stocks have run more their thirty percent off their March 9th bottom and are in serious need of a rest/consolidation. We believe that after this ten percent or so consolidation, stocks will work their way higher as Federal stimulus money, appropriated a couple of months ago, begins to work its way into the economy.
By the way, best wishes to Chris and Kathy Fagan who are celebrating their 31st Anniversary!