Thursday, October 17, 2013

Economic Journal - Thursday, 10/17/2013

(as of 7:00 PST)
 
The deal was done.  It was very anti-climactic.  Markets rallied yesterday when it was all but assured.  But this morning negativity started the day.  Canvasing the political and economic landscape it is hard see that any significant good was accomplished from a huge expenditure of resources and emotion.  It is quite natural to feel that empty negativity.  But markets should quickly pick up the pieces and get back to the business at hand.  Economic reports and corporate earnings will now take center stage and markets should claw back from early morning declines.  Gold is up over 2% on the day while oil continues its downward trend.  The dollar is down across most currencies on the prospect of continued stimulus.  Interest rates have ticked higher. Expect a relatively quiet day as investors take stock of the situation.

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