Welcome to December

Ok. Today I delayed writing this entry because this morning Wall Street looked like it didn’t know where is wanted to go. Pfizer had withdrawn a heart medicine it was working on and oil was up. There were a few negative factors in the air. I wanted to get an idea of what was going to happen before I shot my mouth off. Well now I see that the Dow is up over 100 points, Nasdaq is up 40 points, and CLRK is up 0.35 (WIRE is down 0.55). So what changed?

Well one of the things Wall Street picked up on merger news. Bank of New York is merging with Mellon Bank, LSI Logic is buying Agere Systems and Station Casinos has received a $4.7 billion bid from management to take the company private. Crude prices also slid today after the National Weather Service Forecast milder temperatures over the next couple of weeks. Also December, particularly the first week, is a traditionally strong month for stocks. All this good news for the markets led to today’s rally.

At home in Canada, the Liberal party did what I considered to be a disservice to their party by electing Stephane Dion as their leader. I think that an unknown francophone may not be the best person to represent the party and could end up failing to get the Liberals back in government. But at this point only time will tell and we should give the man a chance and see what he can do.