Wednesday, April 1, 2009

U.S. stock futures slip to start second quarter

Great. Here I am calling for a midweek pop in the market and Dow futures indicate down 52.
Will this thwart my plans for world domination? In the words of Jimmy James (News Radio):
Mr. James:
"The original title of this book was 'Jimmy James, Capitalist Lion Tamer' but I see now that it's... 'Jimmy James, Macho Business Donkey Wrestler'... you know what it is... I had the book translated into Japanese then back in again into English. Macho Business Donkey Wrestler... well there you go... it's got kind of a ring to it don't it?

Anyway, I wanted to read from chapter three... which is the story of my first rise to financial prominence... I had a small house of brokerage on Wall Street... many days no business come to my hut... my hut... but Jimmy has fear? A thousand times no. I never doubted myself for a minute for I knew that my monkey strong bowels were girded with strength like the loins of a dragon ribboned with fat and the opulence of buffalo... dung. ...Glorious sunset of my heart was fading. Soon the super karate monkey death car would park in my space. But Jimmy has fancy plans... and pants to match. The monkey clown horrible karate round and yummy like cute small baby chick would beat the donkey."
-Episode #57 "Super Karate Monkey Death Car"
By way of
Well there you go. Pretty much says it all.
Here's the open, from MarketWatch:
S&P 500 futures slipped 5.4 points to 789.40 and Nasdaq 100 futures fell 9.75 points to 1,227.70. Dow industrial futures fell 52 points.

On the final day of the first quarter, U.S. stocks climbed on Tuesday, led by the financial stocks that had fronted the recent three-week rally. The Dow Jones Industrial Average rose 86 points, the S&P 500 added 10 points and the Nasdaq Composite rose 26 points. The 8.5% advance for the S&P 500 in March was the best month in more than six years.
But the rally has left many unconvinced.

"Banc of America Securities-Merrill Lynch economists think the rally in U.S. equity markets will probably reverse because it was not confirmed by drops in the VIX, TED spread or corporate bond spreads," said analysts at the aforementioned bank. "If equities come off, many of the G10 currencies should retrace as well.">>>MORE
By the bye, tomorrow the FASB will meet to decide whether to rescind mark-to-market accounting for the banks, see "Mark-to-Market Lobby Buoys Bank Profits 20% as FASB May Say Yes".