(as of 7:10 AM PST)
Stocks are down slightly in a pattern of trade that looks very similar to yesterday's lackluster session. The housing retail sales report was very good, sales being up 6% from yesterday. It wasn't enough to get investors excited however. Corporate profit reports have been mixed with a continuing story of companies doing well on earnings but missing on revenues. International markets are mixed. The Shanghai market once again is the standout, adding to a very impressive year-to-date rally. Oil is flat, but a overhang of supply could change that to the downside at any moment. Gold continues to trade in a narrow range around the $1200 per ounce mark. More than ever one gets the feeling that this market is being supported by economic stimulus efforts in Europe and China and that once these programs wind down, there could be a void that pulls stocks down dramatically.
No comments:
Post a Comment