(As of 7:30 AM PST)
Generally positive economic data has the market up mildly in early trading. Oil and gold are getting crushed, each down by over 1%. International news is quiet. There is a sense that the market is looking for a reason to sell-off. Interest rates continue to tick up. In a disturbing trend it appears that certain markets and securities are being influenced more and more by press releases of large hedge fund managers. After taking a large position in a stock or commodity a hedge fund manager announces his position and other investors bid the position up or down in concert with that hedge fund manager, thus insuring a gain for that hedge fund. It smacks of the type of behavior seen in insider trading, yet appears to be above board, in spite of the negative outcome for the average investor, who is generally late to the party.
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