It's smooth sailing at the start with most news and economic indicators pointing up. Europe's Greek dilemma seems on the mend, although there is still much negotiating and number crunching yet to come. China's Shanghai market is stabilizing with more stocks opening up for trade. Jobless claims continue to show an improved economic environment. And earning reports continue to come in above expectations. Fed Chairwoman Janet Yellen painted a rosy economic future in her testimony to Congress yesterday, reiterating the coming interest rate hikes later in the year. Homebuilder confidence is soaring. One of very few negative points was the Philly Fed Index, a key measure of economic activity in the Northeast, and it fell and was well below expectations. A single reading on the Philly Fed, however, is not likely to have a chilling effect on investors. Geopolitical news also points up with the potential of Iran reentering the global economic community with much pent up consumer demand. Things are looking as good as they have in some time and barring any negative surprises on the earnings or geopolitical front it looks like a very positive day shaping up. Oil prices are flat, but the addition of Iranian oil to the supply inventory might result in downward pressure over the long term. Gold struggles as a surging dollar and a 'risk on' approach creates headwinds.
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