Today's Key Market News - Oil on the Slide

"The Greek's Week Ahead" is on its way, we promise. We think you will not mind the delay, after you read the value added work we produced for The Motley Fool over the weekend. In the meantime, catch today's market-moving headlines below. We probably should have noted for you last week that we took a short position in oil stocks. Well, actually it was one name, but based on a view that oil has topped. We correctly called the oil price bottom at the beginning of 2007, to the hour in fact, and we think oil has topped here in the near term. Despite some important sector earnings reports this week, we think the focus will be on price direction and the forward outlook. In such a dynamic market, with Iran in focus, no forecast is smartly directed to the long term. However, traders might have an opportunity in the less than long-term by going short, in our view. (More reasoning to follow)

Key Headlines:

Bloomberg: Transocean to Acquire GlobalSanteFe
CNN Money: OPEC Official Says $60-$65 Oil is Appropriate
USA Today: WalMart to Cut Back to School Prices
Forbes: UAW to Hold Talks with Ford, GM
AP/Yahoo!: Japanese Automakers to Resume Production Post Quake
AP/Yahoo!: Merck Profit Rises
AP/Yahoo!: Schering-Plough Profit More than Doubles
AP/Yahoo!: Halliburton Doubles Income
Yahoo! Earnings Calendar
AP/Yahoo!: Hasbro Posts Lower Earnings
Financial Times: Barclays Seeks Partner to Raise ABN Bid
CNBC: Cerberus to Buy United Rentals
BBC: Erdogan Wins Turkey
Economist: The Geopolitical Week Ahead
Iran Daily: Tales from the Dark Side

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