Ho-Hum day

There is little change in what's turning out to be a ho-hum day. The only spec of life is NAZ, up 9, largely propelled by the good earnings news last night from Dell (DELL). The Commerce Dept reported consumer spending edged up 0.2% last month & that was due to inflation. Personal incomes also rose 0.2%, due to tax rebate checks sent out. Both numbers were half the prior month's numbers but in line with expectations. Consumer confidence fell to a 28 year low of 59.8 down from 62.6 in the prior month. Consumers are depressed with inflation expectations of 5.2% for next year & 3.4% for the next 5 years. Oil rebounded to 127 & gas reached another record, above 3.96.

Dell is having a great day after reporting earnings last night is up 1.73. Tiffany (TIF), up 1.62, reported 19% increase in Q1 profits from higher overseas business. Despite higher domestic business, same store sales were only even in the US & they are projecting modest growth in the US for the rest of the year. Today should be a quiet semi-vacation day for the markets.