Monday, August 12, 2013

Economic Journal - Monday, 8/12/2013


( As of 9 AM, PST) 

Worries over China and the Federal Reserve set the early morning pace with a negative market opening. A Japan GDP number that did not match economist’s estimates also weighed on stocks.  But positive news out of Europe helped turned things around and stocks are now trading slightly positive.  Gold is having a big day, up nearly $27 an ounce and oil is near unchanged after losing ground initially.  The US currency is up, with international investors seeking a bit of a safety net, in anticipation of a market correction.  Corporate earnings have been good so far, with nearly 90% of the S&P 500 having reported their results.  With earnings season winding down, it is hard to see the next catalyst for a market surge.  It feels like profit taking is in the cards over the next few weeks.

 

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