A slew of earnings reports will drive trading activity today, but my sense is that the market will otherwise be relatively quiet.
Here's a non-earnings item to digest: If you are looking for signs of a continued recovery of the financial sector, then note that Goldman Sachs (GS - commentary - Cramer's Take) was able to raise $10 billion for a new leveraged buyout (LBO) fund.
It's not a huge amount, but just the fact that Goldman is using the word "leverage" suggests renewed acceptance of risk and confidence in available capital and liquidity.
One focus today will be in housing, as Congress moves closer to passing the "bail out" bill and we get existing home sales data.
Southwest Airlines (LUV - commentary - Cramer's Take) options should be active as the low cost carrier, which just reported quarterly results, continues to be one airline that can consistently deliver profits.
Steven Smith Blog Good Trading Opportunities May Be Here 7/23/2008 4:19 PM EDT Sector rotation among the financials and energy should provide some openings for aggressive types.
Steven Smith Blog What to Do If You Missed the Snapback 7/23/2008 1:06 PM EDT Prices will revert to a trading range, so start thinking about some premium-selling strategies.
Steven Smith writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks. He also doesn't invest in hedge funds or other private investment partnerships. He was a seatholding member of the Chicago Board of Trade (CBOT) and the Chicago Board Options Exchange (CBOE) from May 1989 to August 1995. During that six-year period, he traded multiple markets for his own personal account and acted as an executing broker for third-party accounts. He appreciates your feedback; click here to send him an email.To read more of Steve Smith's options ideas take a free trial to TheStreet.com Options Alerts.
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