Expect a bounce today after yesterday's worst day in 6 months. A vigorous recovery might point to the sharp decline that erased the year's gains (for the Dow Jones Average at least) as an anomaly. Anything short of that would look more like what is known as a 'dead cat bounce' indicating weakness going into next week. International markets followed the US lower with Europe experiencing even more pain. A key data point this morning was the jobs report which came in solid and in line with expectations. Markets are mixed to start the day looking for direction. I expect a mild recovery as the morning wears on but all eyes will be on next week's activity to see if yesterday's action was a game changer or a simple bump in the road. Gold is recovering nicely today after an extended slump while oil continues a downward trajectory.
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