(as of 7:00 AM PST)
There have already been two changes of direction in markets already this morning. It could be a volatile day as investors digest the broad rally from yesterday. The Federal Reserve Bank minutes provided the catalyst for that rally with analysts finding hints that economic stimulus will continue to be the order of the day well into 2015. After the rally started, a number of bulls jumped into the headlines with rosy forecasts that turned a mild rally into a buying spree. Tepid data from China brought optimistic investors back to ground level and markets started out down moderately. A good job claims number reversed the downward trajectory, but only for a brief period. It seems that markets are fatigued at this point and investors are looking for a reason to take profits and move to the sidelines. If indexes can hold level for the day it would be a real positive, but expect a drift down as the day progresses. Gold is a bright spot, up 1% while oil is down slightly.
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