COMMENTARY | COLUMNISTS | GEORGE CHAMBERLIN

George Chamberlin's Money in the Morning

The October rally continued yesterday as the markets shrugged off several attempts to take some profits. The Dow industrials opened with a triple-digit gain, went negative as oil prices dropped, and rallied back to close with a gain of 122 points, just a few points away from 17K.

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It has been a bit surprising to see quite a few positive comments about the stock market from MarketWatch.com, owned by the Wall Street Journal. But, the permabear reporters and editors were back to their old stuff today with a headline saying, "Wall Street braces for a rough day." For the first hour of trading the "sell off" has never exceeded 30 points. Rough?

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Ringing the opening bell at the NYSE this morning were a bunch of guys from the National Hockey League to celebrate the start of the NHL season. Speaking of hockey, the return of the Gulls to San Diego gets started this Saturday with the start of the American Hockey League at the Sports Arena. The Gulls will be the top farm team for the Anaheim Ducks and the quality of play should be exceptional. If you have never been to a hockey game, do yourself a favor and go see the Gulls. Live hockey, in person, is about as exciting as it gets.

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As expected, San Diego-based BioMed Realty Trust has agreed to an $8 billion, all-cash buyout offer from Blackstone Real Estate Partners. "We believe that the public markets are not adequately valuing our assets and proven business model. Entering into this transaction with Blackstone fulfills our board of director's mission to maximize stockholder value," said Alan Gold, CEO of BioMed. The buyout price is $23.75 a share.

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The National Retail Federation is forecasting holiday sales in November and December are expected to increase by 3.7 percent to $630.7 billion, significantly higher than the 10-year average of 2.5 percent. "Price, value and even timing will all play a role in how, when, where and why people shop over the holiday season. Retailers will be competitive not only on price, but on digital initiatives, store hours, offerings and much more," said CEO Matthew Shay.

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President Obama is coming to town this weekend and has no public events on his schedule. That probably means a weekend of golf. So, where should the nation's Commander in Chief play? It would be very appropriate for him to tee it up at either the Memorial Golf Course at Camp Pendleton or Sea and Air aboard the Naval Air Station at Coronado. However, I'm guessing he'll probably bring his group to some place like the Del Mar Country Club.

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