The apparent concern is that Wall Street would view such a move in a negative light, and cruise leaders are trying to (downplay) the long-term impact that rising fuel costs are having on their business.
I would have thought the big telecom deal announced would have brought a little more positive tone for the market, but people are trying to figure out how to play it. You do have a little softer tone in commodities after energy prices rallied on Friday.
The data that stands out is the gasoline inventories, which are up more than twice what was expected. The initial reaction is a little negative due to huge increase in gasoline.
Oil is strong and that is helping oil companies, but it is surprising the broader market is as strong as it is, given higher oil prices.
Investors are searching for sectors or groups that have not participated in the recent rally. Tech stocks have certainly been left behind by things like energy.
Once the stocks do start to go (higher), a lot of people are going to feel like they missed the boat and be forced to scramble after some of these names. And that's what begets rallies.
It's the impression that the series of interest rate rises are nearer the end than the beginning, and people were bored after last year with the market flat on the year.
A lot of people are viewing the rally in the Dow as being a little suspect. We've got a lot of earnings coming out this week, which would increase volatility.
The best thing for the market this morning is probably the fact that gas and crude oil are retreating.
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