(As of 7:05 am pacific)
We are revisiting Greece this
morning. Market reaction is a shadow of
what is was a year ago on negative news from Greece but it is still enough to
drag the market down on a quiet day of trading.
Japan’s exports took a dive, sending Asian markets lower. The US dollar
is up strongly driving commodity prices higher in general. Gold is flat and oil is down a small
amount. Mortgage rates continue to show
small increases and have been doing so for a couple of weeks, driving rates up
from historic lows by one quarter to three eights of a percent. The refinance window is closing for some
people, but interest rates are still low enough to spur buyers and keep the
positive home start numbers we have seen recently. Dell computer came out with a sour profit
report and a dim view of future growth.
Negative momentum is building following a significant rally over the
last couple of weeks. Complacency is a
very dangerous thing in the stock market and we are seeing a lot of it. Watch out for a sneaker wave of negative
selling that intensifies.
