Opening Thoughts…

• Joshua M Brown
• January 5th, 2010

Late start this morning...

I just have a few thoughts as we await the second open of 2010. 

 - I'm seeing and hearing a lot of examples of people over-trading, as though the market won't be open for the rest of the year.  This is almost always a mistake.  The tape was magnificent yesterday and there's a lot of buzz in techland for the CES show later this week, but slow down muchachos, it's only January 5th!

 - Is there another potential Dubai/Greece Tempest in a Teacup situation out there?  If a ratings agency downgrades the sovereign debt of a baltic country and no one cares does it make a sound?  The Greece thing was used as a buyable dip...will the next one be?

 - Morgan Stanley upgraded everyone in the wireless sector today except Motorola, which they rated underweight.  Their RIMM target is 90, QCOM target is 57 and PALM target is now 14:

 
7:22 AM EST

PALM was initiated with an Outperform rating, Morgan Stanley said. $14 price target. New carrier distribution should help drive growth in 2010.

I find it hard to get excited about the handset makers, there are too many of them.  Will they EVER consolidate?

Good luck and be careful out there...

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