(as of 7:15 AM PST)
Economic data is a mixed bag this morning. The drop in jobless claims was spectacular and enough for markets to charge upward at the beginning. That bit of great news was tempered by an awful housing report, indicating that housing sales and starts had dropped off notably. The Philly Fed index also was negative and below market expectations indicating that, at least in this region, manufacturing is sputtering a bit. Yesterday's Federal Reserve meeting and press conference was generally a positive with markets reacting favorably initially and then giving back gains as the day wore on. On the international scene, economic stimulus is the order of the day, with both China and the European Bank indicating large scale economic stimulus programs which should add the needed liquidity to keep markets rising over the short term. Overall it looks like a solid day of gains ahead. On the flip side, gold and silver are getting hammered again. It seems precious metals have lost their luster in the eyes of investors. Oil is down slightly after bouncing up the last two days, while interest rates yields seem to be continuing in a gradual, almost unnoticeable, upward pattern.
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