Market Talk

US stocks rise for a fifth straight session, even as Treasurys gain after what’s described as a “hot” auction of 30-year Treasurys and crude futures push $72/barrel.

DJIA rises 80 (0.8%) to 9627, its highest close since 9955 back on Oct. 6, 2008, (which was actually the middle of a freefall but who’s counting.) S&P 500 gains 11 (1%) to 1044, Nasdaq Comp adds 24 (1.2%) to 2084.

GM makes a decision on Opel, selling 55% stake to Magna. Trade gap widens by the most in more than 10 years, as rising exports outpaced by rising imports. Weekly jobless claims drop, but the four-week average in distressed territory. P&G says it’s cutting prices on some of its products (just the pricey ones people aren’t buying.)

Get your motor running.

In one episode of AMC’s “Mad Men,” ad exec Don Draper and his wife Betty are driving home late at night from a business dinner. Betty’s in the passenger seat, crying, because she’s realized Don’s having an affair with one of the women they just dined with.

Rather than confront her husband (something she’ll get around to later,) she slides across the car’s bench seat and nuzzles up next to him, and that’s how they ride off, Don with one arm around his wife, one hand on the wheel.

Somewhere in that front seat, somewhere on that road, even as her marriage is falling apart, Betty finds comfort.

It seemed to me, re-watching the episode recently, that there’s something quintessential about that image. A man driving one of those big old Detroit dinosaurs, one arm around his girl, one hand on the wheel. It’s uniquely American: the open road, the wide-open future. Even if that future never quite comes.

The American love affair with cars began its slow death somewhere around the point when Detroit started putting bucket seats in their cars instead of bench seats. Bucket seats are utilitarian. There’s a reason they put them in race cars. Once Detroit traded efficiency for adventure, once they started competing on their competitors’ terms, they were done for.

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Don't be afraid to go against the herd.

US stocks are slightly higher in afternoon trading with telecom and energy stocks leading the way. The Dow’s attempting to extend its four-day winning streak during which its added 267 points, or about 3%.

Yesterday represented the six-month mark since the S&P 500′s closing bottom on March 9, and fittingly, the index closed at a new bull-market high. Market research firm Bespoke Investment Group reflectson the six-month rally and notes the financial sector has, by far, outgained other sectors, up 133% since early March.

Additionally, industrials have climbed 70%, while materials, consumer discretionary and tech have also outperformed the S&P 500, which is up 53% in six months.

But some investors remain skeptical about the summer rally. A prevailing theme in the market is the run-up may’ve occurred too soon, too fast, with a possible pullback coming sooner rather than later.

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We’ve been having trouble with the WordPress site this morning, and so far haven’t been able to assemble any posts beyond the opening comment. We’ll be back with sharp, insightful commentary as soon as we get this issue ironed out.

- The Editors

Flat to slightly lower open for US stocks suggested by premarket equity futures, but no solid indication that bulls are ready for a breather as they ride a four-day winning streak, and that last hour these days is something of a playground for the bulls.

Just a couple nibbles of economic data before the market opens — weekly jobless claims and July trade deficit, both set for 8:30 a.m. ET. Treasury’s Geithner testifies before a House oversight panel on TARP around 1 p.m. Treasury auctions $12B in 30-year bonds at 1 p.m., too.

GM’s board made a decision on what to do with Opel, and it will share that decision with all of us at 10 a.m. Dow Jones, citing people familiar with the matter, says the board recommended a sale to a group led by Canada’s Magna.

S&P futures down less than a point, DJ futures down 1; 10-year higher, yield at 3.45%.Crude’s up, and pushing $72/barrel again.