(As of 7:05 am pacific)
Bears are looking for a reason
to pounce and today’s news of diminishing growth for China seems to be fuel for
the flame. Markets are down moderately,
but I expect losses to mount as profit taking ensues. It has been a nice run over the last couple
of weeks, and while the economic news is not that bad and could easily shift by
mention of a Chinese stimulus plan, my sense is that investors have been
looking for a reason to pullback and will find it in today’s economic numbers. Gold is slightly higher, while oil is
lower. The dollar is up against most
currencies and interest rates are slightly higher. Watch for negative momentum to mount in a
still very slow market.
