(As of 7:15 am PST)
It is a quiet day today with
most markets tipping downward. It feels
like a small pullback on profit taking and not a real momentum changer. The balance of payments deficit expanded
significantly as imports soared in November in anticipation of holiday shopping. Exports were up slightly. There is a sense that there may be a stealth
positive surprise in earnings this season because analyst’s projections for the
quarter had already been greatly reduced.
Gold is down along with oil. The
dollar index is down with the dollar mixed against other currencies. Interest rates continue to click upward but
not significantly. The extremely low
interest rates seem to be lighting a fire under global economic activity and
the positive momentum should continue until eyes turn to deficit limits and
budget cuts.
