(as of 7:00 AM PST)
Stocks started out with a thud this morning opening down on a very disappointing 1st quarter GDP report. In a report eerily similar to last year's 1st quarter, which was negative, GDP barely broke to the positive at .2% growth, well below analyst's estimates of 2.2%. Last year GDP was bad because of a freak winter season of weather. This year, weather can't be blamed as much. But stocks have battled back to break even in early trading probably based on the contra-intuitive notion that what is bad for the economy is good for lower interest rates and continuing financial stimulus. European markets are down across the board while Asia was mixed overnight. Profit reports are mixed, but leaning to the downside overall this morning. Oil is down...slowing economies need less fuel. Gold is off on profit taking after a couple of strong performances. Negative momentum seems to be building so expect stocks to revert back to the downside as the day progresses.
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