Friday, June 28, 2013

Economic Journal - Friday, 6/28/2013

(As of 7:22 am PST)
 
Robust market gains in Asia did not carry over to US markets this morning.  It feels like a bit of a hangover after three days of partying to the upside.  Profit taking is definitely the order of the day. The Dow is down triple digits and other indexes down a like amount.  Gold continues its fall off the cliff and oil continues its surprisingly strong run.  US economic data reports were not that bad this morning, but not enough to excite investors.  Chicago PMI, a key measure of economic activity, came in below expectations, but still at a level which indicates economic expansion.  Consumer confidence was down a small amount, but ahead of economist’s expectations.  Federal Reserve spokesmen are trying to stem the large increase in interest rates that occurred over the last couple of weeks, with limited success. Expect a down day as profit taking continues.

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