(As of 7:20 am PST)
Positive results from earnings
season are pushing markets broadly higher this morning. Economic data is mixed, but generally solid
with existing home sales up 1.5% month to month and 18.5% from a year ago. One measure of industrial activity called
flash PMI was below expectations and down slightly from last month, but still
showing growth. The sequester is
definitely having an impact, but the overall economic strength is dampening its
effects. Oil and gold are down this
morning while the US dollar is mixed.
All eyes are on Apple Computer, due to announce earnings after the bell
today. Momentum has shifted dramatically
over the last couple of days to the positive.
Interest rates continue to remain at extremely low levels. Today’s exuberance might be a little
overdone so watch for profit taking to take hold as the day progresses knocking
stocks from these lofty levels.
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