The Markets

• The futures have us down to the exact level of support: S&P 840.   They gotta be bought here or we head lower.
• It cannot be good that both Citi and Bank of America need even more capital.
• BP reported better than expected quarterly earnings and shares are up 1%+.  The forecast was sharply lowered, of course, to accommodate $50 oil.  But it was beat, nevertheless.  I remember the company suggesting they needed $60 oil to maintain both exploration expenses as well as the dividend.  In preliminary discussions from the tape it appears the company has reduced expenses enough to have $50 oil do the trick.  At an 8% yield BP may be an interesting play.
• It turns out the “commercial” plane flying over Manhattan was Air Force One, or as this blogger describes it Air Farce. http://bit.ly/iSYlB
• Wilmington has a very long airport runway.  It is designated an emergency airport and we get quite a few planes coming in unexpectedly.  Last week, for example, two Jet Blue planes made emergency landings.  Oddly, it was for the same reason; each had a passenger undergoing a diabetic comma.  And, sadly, both passengers died.  I bring all this up because our airport is also used by Air Force One and Two.  Frequently, on the golf course, I will see the lumbering 747 as it seemingly stands still in the air.  The pilots practice touch and go’s as well as emergency landings.  We don’t get any other 747’s here so when the big blue and white planes fly by they really stand out.

Make it a great Tuesday!