Tuesday, November 5, 2013

Economic Journal - Tuesday, 11/5/2013

(as of 7:20 PST)
 
It is a tired stock market.  Indexes are falling today.  Earnings season is running down and as investors reflect on how far stocks have come in the last year it is only to be expected that a bout of profit taking is in the cards.  The one key piece of economic data, the ISM Services number, came in strong, and stemmed the downward slide somewhat, but it certainly feels like buyers are few and far between.  Consolidations and downward adjustments are a healthy part of market advances and today’s market losses are no surprise.  Oil and gold are both down small amounts and the US dollar is mixed against other currencies.  The yield on the 10-year bond is up this morning.   Expect an orderly retreat as investors ponder the next market moving event.

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