US markets are marching forward on their own, ignoring somewhat negative news out of Europe. Jobless claims came in lower today and economic data in general has been positive for some time. Europe...not so much. Longer term mortgage rates are creeping up which shorter durations have actually fallen. This may be an indication that operation twist is winding down. Operation twist is the Feds attempt to lower long term rates by buying long term duration mortgage bonds and it has worked well. Gold is up today along with oil and other commodities. Expect the markets to pause for a bit here as investors digest new data and consolidate gains. Reports indicate that some hedge fund managers are moving to a larger cash position in light of major historical highs on various markets.
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