(as of 7:00 AM PST)
Stocks are continuing to slide adding to losses from yesterday's trade. Economic data is not the culprit. Most reports, both domestic and international, are showing mildly to the positive side, but not enough to get investors excited. It seems the sharp gains of February have brought markets up too far, too fast...and a period of consolidation is in order. Profit growth forecasts this quarter are far from stellar and that reduction in growth might translate to a lower price to earnings ratio for the market in general which could mean lower markets going forward. Oil is steady, but inventory growth suggests a continuation of a downward trend. Gold is up slightly.
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