(As of 7:05 am PST)
US stocks have opened slightly higher today, looking to
snap a three day losing streak. The Dow
and S&P500 are on pace for their second consecutive down week, while the
tech heavy Nasdaq is also on pace for a 1% weekly decline. Today’s data calendar is light with a report
on US wholesale prices showing November prices declining indicating
inflationary pressure remains subdued. The
main story continues to be the “will they or won’t they” dialogue of the Fed’s
decision to taper asset purchases at next week’s policy meeting. The uncertainty surrounding the Fed’s
decision has led to selling in recent weeks.
Year-end consolidation of gains and tax loss selling of losers has also contributed
to the recent down market. Economic
reports have been positive and the outlook for 2014 seems to make the case for
this bull market to continue. As we’ve
said before, a pullback from these frothy highs could be a good thing for the
market overall. Gold is higher today by
0.5% while oil is down. Interest rates
are flat and the US dollar is up. It
looks to be a fairly quiet Friday the 13th.
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