(as of 7:15 AM PST)
As corporate earnings season winds down its time for markets to reflect on the last quarterly results and to anticipate how the current quarter is projected. There is not a lot to get excited about after last week's breath taking rally. At current levels it is going to take an unknown catalyst to propel stocks higher. Economic data continues to point to a US economic recovery but it is possible that current market levels already have that recovery priced in. Possible catalysts might include broader financial stimulus measures in Europe, China and Japan with those economies trying to emulate the results of the broad US stimulus and the strengthening economic recovery. Today's market indexes are up mildly but giving back gains every since the opening bell. Oil is sharply lower while gold is down near a yearly low. Expect to see continued profit taking as investors pause to reevaluate current levels.
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