(as of 7:10 AM PST)
International markets followed US markets higher reflecting yesterday's strong showing. Optimism about a Greek financial bailout is adding to investor enthusiasm and positive US economic data in terms of a strong retail sails report is providing a catalyst to continue yesterday's rally. There is a temporary respite from rising interest rates but the trend definitely seems upward with mortgage rates hitting an eight month high. The possibility of a Federal Reserve rate hike seems much closer but, interestingly, markets have temporarily disconnected from the 'good news is bad news' scenario that we have seen over the last year. Buyers are returning and the bulls again seem in control. Oil and gold are down and the US dollar is much stronger against most foreign currencies.
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