Jan 28, 2005

Fly on the Wall

I guess when I confidentally said the market would be "interesting" earlier I set up some kind of contrarian response. Some of the action that stands out is the ability of CME, GOOG, and RIMM to recover from the technical damage that was done on Monday. At the beginning of the week those stocks literally seemed to have no bottom. They still have some work to do to bring in buying but at least with the freefall over the market has a shot at working higher.

Some attention is being paid to the weak GDP number this morning but I would say the merger action should outweigh it. The economy has overcapacity and that is keeping a lid on growth but over time these large mergers should help alleviate that.

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