Monday, January 6, 2014

Economic Journal - Monday, 1/6/2014

(as of 7:10 AM PST)

Trading is getting back to normal.  New York is digging out of its massive snowstorm and traders are returning from holiday.  There is a decidedly negative sentiment.  After a brief opening rise, markets are giving back gains in a hurry.  The NASDAQ is taking the brunt of losses, with Apple, Twitter, Netflix, among others, showing moderate declines.  Asia markets took a hit last night from some negative data out of China.  Europe is stronger on some positive economic news from Italy and Spain.  Gold and oil are both up marginally.  Eyes are now on the upcoming earnings season.  Earnings projections have been reduced significantly from prior estimates.  Revenues are expected to be flat with some improvement in earnings, due in large part by the financial sector.  After a big run-up last year, markets might be poised for a consolidating correction.

 

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