A holiday hangover has investors on the defensive this morning with markets down half a percent. Data is very light. After last weeks surprise run up of over 1% and a lack of market moving news a bout of profit taking seems in the cards. Oil and gold are also down moderately along with other commodities. The US dollar is stronger based on perceptions that the Fed might raise rates sooner than later based on Thursdays strong employment report. That thought is also on the mind of investors, moving positive momentum to the back burner. Earnings season kicks off this week and will likely drive stock prices over the next few weeks.
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