(As of 7:11 am PST)
The markets are suffering from
a New Year's hangover this morning. Risk
is down across the board as the realities of current challenges outweigh the
euphoria of the 'fiscal cliff' resolution.
Two companies in the news are Bank of America, which agreed upon a $10
Billion settlement with Fannie Mae, and Amazon, whose stock was lifted by an
analyst upgrade. Oil and gold are down
slightly, while most other commodities are near unchanged. 30 year mortgage rates seem headed back up
with the 30 year now a hair over 3.5%.
The easy money days seem limited now that the Federal Reserve has
indicated that it may stop mortgage bond purchases sometime in 2013. Eyes are on earnings season, with Alcoa
starting the parade after market close on Tuesday.
