(as of 7:00 AM PST)
Investors are putting it on pause this morning after a roller coaster ride yesterday. Stocks rallied back from a major decline in the last session to close near unchanged it what seemed a very bullish day despite the final result. Today markets are drifting down slightly with a number different factors pulling in different directions. Today's economic data was generally positive with retail sales rebounding and jobless claims slightly up but average jobless claims readings continuing to reinforce thoughts that we are in an economic recovery mode. China calmed markets, seeming to indicate that currency devaluation was nearing an end. There has been no indication that other countries are looking to devalue their currency, although the threat of a currency war is not off the table. Oil continues to trend down while gold is giving back some prior session gains. Expect continuing weakness as fears of a September Federal Reserve rate hike reemerge.
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