The market was poised for positive trending at open this morning as it
continued to ride the momentum created by a better than expected jobs report on
Friday. With little news for investors to act on and no major releases due out
on the economic calendar the wave of momentum from last week came to a halt by
mid morning with the market posting mixed trendlines. The mixed trending
continues into the afternoon with all of the indexes posting gains/losses that
are remaining in close proximity to the neutral line. Southwest Airlines made
headlines on Friday after a hole opened up on top of a Boeing 737-300 in mid
flight. The incident sent investors running and approximately 600 flights were
cancelled as crews checked planes for other reported cracks after the incident.
Southwest is in the midst of acquiring Airtran and had recently received much
good publicity over fares as competitors raised ticket prices and fees. Oil
prices broke a 30 month high on Monday, reaching $108.78 a barrel. This is the
highest oil has traded since September 2008. With 2 hours left before close the
major market indexes are posting mixed. The Dow gained23.31 to end the day at
12400.03. The Nasdaq dropped .41 to end the day at 2789.19. The S&P 500 ended by
gaining .46 to finished at 1332.87. The U.S. Treasuries 10-year yield decreased
by 0.04 to 3.41%. Oil gained 0.36 to $108.30 a barrel. The U.S. dollar gained
0.0009 to the Euro. Author: Pamela Frost
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