(As of 8:44 am pacific)
The National news media is once again out of touch with
the real news as this weekend there were broad coverage of the Spanish Bank
bailout and the negative implications of that.
I looked at the markets futures and they were all up significantly as the
global financial system was cheering the move.
I expected the markets to be up big this morning and they were…for a
short while anyway! Other reports from
Europe including Greece and Italy rumors brought the market back to earth, and I
expect a day of ups and downs and eventually a moderately up day as the markets
eventually determine that the Spanish bank bailout trumps other Euro rumors and
news. Oil is essentially flat, while
gold is down moderately. The dollar is
generally down. Volatility has come down
from its highs to near level. Economic
reports are very light today.
