(as of 7:30 PST)
It seems we are in for a
ghoulish day on most markets. Risk seems
to be off the table as most asset classes are showing moderate to heavy losses. A vibrant report on Chicago PMI was not
enough to stem an early drop in stock indexes.
Gold is taking heavy losses while oil continues on its downward
glide. Chicago PMI, a key measure of
industrial activity, came it at a whopping 65, strongly higher than the
expected 54 number, and one of the highest readings in some time. Corporate profit reports were mixed with
Facebook garnering the most headlines.
Initial reports sent the stock skyward with a 14% gain in yesterday’s
aftermarket, but it ended with a thud, giving back all gains and then some as
analysts picked through the Social Media statistics. A day of profit taking might be healthy for
these markets which have experienced an extended rally and might be a little
tired.
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