Up, Up & Away

It must fell that way to many, up, up & away. Dow was up 178, advancers over decliners 2-1 while NAZ was up 38. Not too bad although internals (advancers over decliners was only so- so). IBM's (IBM) good earnings news took center stage even though Sears (SHLD) took it on the chin with poor earnings & US retail sales forecast for 2008 got a downgrade. Gold touched 911, oil rebounded to 94 & the Treasury bond yields 3.79%. Favorites I watch were generally up, but MLPs slipped a little. Their index had a nice move up from 291 to 303 but has slipped back to 298 on a series of small declines, warmer weather may be hurting them. There is talk that the market was over sold, today's bounce could be expected. I go along with that line of thinking. We are still on a bumpy road, tomorrow Citi (C) gives the first earnings report from a bank & it's expected to be ugly which may be followed by a 40% div cut.