(as of 7:00 AM PST)
Inputs from both geopolitical events and economic data are influencing markets in what should be a very quiet day since most traders are taking the day off for the long holiday weekend. In news of note, Russia appears to be sending troops and artillery into eastern Ukraine. What would normally invoke a sharp decline in markets and a flight to safety for investors, now is resulting in tired yawns as traders have numbed to what seems old news. It seems Russia is applying a strategy that reminds us of the parable of the frog who sits in a pan of water and while the heat is turned up gradually he calmly sits not knowing that he is being slowly boiled to death. Come Tuesday, we make awake to a new order in Eastern Europe. On the economic side, Chicago PMI, a key measure of economic activity, was sharply higher, another indication that our economic recovery is picking up speed. Oil is higher on the international tensions while gold is near flat, very unusual given those same worries. Expect very muted action today while Tuesday activity could be very volatile.
Have a great weekend!
No comments:
Post a Comment