Markets are taking a timeout this morning after a second day of solid gains yesterday. Momentum has totally shifted from supremely negative to solidly optimistic while volatility is returning to normal levels after spiking higher over the last two weeks. International markets followed the US lead overnight to some strong performances. Profit reports are definitely leading the way with most reports coming in better than expected. Precious metals are giving back some gains this morning while oil is holding steady, trying to recover from the huge declines of the last few weeks. Interest rates are stable. After two spectacular days of market recovery expect consolidation and some profit taking to erase the minimal gains we see to start the day.
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