(as of 7:00 AM PST)
International market rallies are spilling over to US markets this morning
but the big news is, clouding all fundamentals, the arrival of the biggest
Initial Public Offering (IPO) in US history; Alibaba, the Chinese internet
marketing giant. The issue itself is fraught with risk, but it is highly
oversubscribed and is sure to open at a big premium. After the initial
fury of buying, we may see some early investors unload shares to take profits
so don't be surprised to see a dip after the initial euphoria fades. Economic
stimulus in Asia has most markets there on the rise, while the 'NO' vote for
Scottish independence has Europe markets rallying. US economic data is
light. US leading economic indicators came in at a very meager .2%
increase, but all of the other news is dominating investor sentiment. On
another note, we could see great volatility today since it is also a day when
options and futures are both expiring. Gold continues its downward
journey while oil is down slightly. Interest Rates are stable.
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