Tuesday, December 3, 2013

Economic Journal - Tuesday, 12/3/2013

(as of 7:15 PST)
 
Markets are down this morning for the third straight day.  Sales on Cyber Monday were robust and gave a boost to retailers, but negative momentum has investors on the defensive.  It has been quite a run this year for stocks and it is not surprising that investors are tired and ready to cash in on some profit taking.  Apple Inc is a bright spot, up almost 2% on an upgrade by UPS and it is helping the NASDAQ stay close to breakeven.  Gold continues to drift lower, along with most other commodities.  Oil is up over 1%, reclaiming some of sharp loses in has seen over the last few weeks.  Mortgage interest rates are on the rise, with the 30 year rates near 4.5%. It’s hard to see a catalyst on the horizon that will spark another stock boost, so don’t expect a Santa Claus rally this year.

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