Data is good this morning but
sparse. Flash PMI, a quick measure of
industrial activity was good in both China and the US, but fell short in
Europe. Housing sales were up from a
weak reading last month but the number was uninspiring. There is some merger and acquisition activity
but not enough to move markets upward.
Stocks are struggling in early trade with small losses. Gold and oil started the day slightly to the
downside after last week’s nice rally.
International tensions continue on a high plateau, but investors are
ignoring worrisome newsfeeds. Expect a
quiet day with some profit taking after June’s strong rally.
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