Jamie Dlugosch

Is It Time to Celebrate?

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A bigger reason is unity. Scrambling together a production cut may have resulted in members cheating diluting the impact of the cut. Oil prices are down some $3 in early trading today as a result.

If the carter wants to push oil prices higher it will have to control supply. Most are expecting another 1 million barrels removed from the market. I think that number needs to be two or three times that amount.

Futures are lower this morning as we start the month of December. Traders have returned from the holiday shortened week. We have a bunch of economic data that will drive trade this week.

The biggest news will come on Friday with the employment report being released. Dow futures are down close to 200 points this morning.

The Sunday Times in London citing unnamed sources said that Microsoft (MSFT) and Yahoo (YHOO) were in complex discussion regarding the sale of YHOO's search business for $20 billion. Later reports debunk the story as being not true.

The YHOO dreamers are clearly delusional. Are they feeding the press bogus information? You be the judge. Nothing happens here in my opinion until YHOO is on its death bed.

The influential semiconductor market was out with some news today. The semiconductor industry association stated that sales of chips in October were down 2.4%. The news is not surprising.

Traders should take note as these numbers have a trickle down effect on future sales. Any end to this recession is still off in the future. We need to see strength in early indicators including chip sales before giving the all clear.