• Pre-market futures are up as fear and despair are replaced with momentary avarice.  Whether we get a couple of hours or a couple of days of green remains to be seen.
  
• Given recent market days one would expect reality to set in with traders taking quick profits.
• Looming over the week is the Friday jobs report.  The news may have a seven handle on it; potentially over 700,000 seeking unemployment claims during the previous week.
  
• HSBC is closing its lending operations in the US.  This was an ill-timed purchase Household and Beneficial Finance by HSBC.  They will lay off 6100 workers and shutter 800 walk-in offices.  The closing says volumes about the inability of HSBC, or anyone else, to earn money by lending.  In an era of tight money it seems an oxymoron that HSBC couldn’t make this work.
  
• Yesterday saw traders flee anything other than treasuries.  Even TIPs, the inflation bonds, advanced.  The appetite for risk has improved this morning.
• Correction: a few days ago when mentioning Hewlett Packard as one of the companies in my sights I referred to HPQ’s purchase of EMC.  I got my alphabet mixed up; I intended to write EDS.

Make it a great Tuesday!