(As of 7:10 am pacific)
The news in Europe today was not particularly good, with
political squabbling about future coordinated financial direction. But, as in previous weeks, the US markets
tend to discount European news as the week rolls on. Consumer confidence was down in the US, below
expectations, but I consider this to be less of a leading indicator. Home price data was good which, when coupled
with the good housing starts data yesterday, shows that the real estate market
is rebounding. Gold is down, oil up
slightly, and other commodities are mixed.
The dollar is mixed as well.
Volatility is down and I sense that the market is set to rebound mildly
through the day. I get the feeling it is
going to be a quiet day.
