Earnings season kicked off yesterday. It's been tradition that Alcoa starts the parade and their numbers came in strong. Markets are up today based on optimism that earnings season might provide some more positive surprises. It is too early to tell if today's moderate rise is only a bounce from the last two days of heavy selling but it sure feels that way. Federal Reserve Bank minutes are to be released later in the day and may move markets as analysts weigh comments from individual board members on whether interest rates might rise sooner than later. Gold is up strongly while oil continues to decline on strong global supplies. Interest rate yields are up slightly after yesterday's flight to the safety of the US dollar, which drove yields down. Expect a continuing struggle on the stock market with negative momentum digging in.
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