(as of 7:30 AM PST)
Talk about a turnaround!
Apparently buyers took an extended vacation and came back to the markets
yesterday with a hunger for stocks. This morning markets continued their
robust recovery, up over 1% at the start and dissipating most of the ugly
mini-correction of the five prior sessions. The dollar continues to surge
against world currencies while oil is stabilizing at multi-year lows.
Gold is up slightly with most other commodities in spite of a strong
dollar environment. Interest rates continue to fall with the
yield of the ten year Treasury falling below 2%. Jobless claims were down
indicating that our fledgling economic recovery remains intact, but yesterday’s
drop in exports was a little disturbing. While the balance of payments
deficit was down due mostly to lower oil imports, the fact that exports dropped
is reflecting weakness of international markets and might impair this coming
earnings report season which starts next week. It's hard to believe we
are only one week into the New Year and have seen such a volatile stretch in
such a short period.
No comments:
Post a Comment