(As of 7:30 AM PST)
A tsunami of selling in Asia overnight seemed to spell an opening loss for US markets as well, but solid economic data overcame the selling pressure and US markets opened higher. It has not been a solid opening so far, with some volatility and fluctuations either side of the even mark, but it has been impressive given the Asia losses. Oil and gold are down slightly and volatility indexes have calmed a bit, after several days of increases. It is hard to know how the roiling Asia markets, particularly Japan, will translate to US investors. There is a battle being waged between two factors. The first is the continuation of the US economic recovery and the second is the worries that economic stimulus programs will be reduced as a result. One gets the feeling that, at least for today, that economic data will prevail and propel markets higher.
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