(as of 7:00 AM PST)
Negativity persists this morning. It seems that Monday's positive
market was simply a 'dead cat bounce' after last week’s drubbing of market
indexes. Yesterday the selling began again in earnest and it sure feels
like the much called for correction is upon us. A couple of big mergers
fell apart, adding to investor angst. Economic data is good this morning
but not enough to yet shift momentum to the plus side. The balance of
payments deficit was the lowest in five months which means that 2nd quarter GDP
way well be revised upward. Ukraine is in the news with Russian
troops gathering on the border and tensions growing. Gold is up big,
likely due to international tensions, and oil is also on the rebound.
Watch for selling pressure to mount as the day wears on.
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