Stocks are attempting to rally this morning but the negative momentum of the past week is carrying over to the opening and stocks are barely over breakeven after what appeared to portend a stronger open. Profit reports were generally good on the profit side, but weak on revenue, with the strength of the US currency cutting into international revenue figures. Asia was mixed with the Shanghai Index particularly fragile, extending Monday's huge losses. European markets were very strong and we expect that strength to eventually spill over to US markets and result in a recovery from the last few down days. Gold is stable after yesterday's modest recovery while oil continues downward appearing to be near a bottom. Expect negativism to melt away, at least temporarily, as a relief rally appears later in the day.
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