(as of 7:00 AM PST)
Nervous investors have markets on the defensive this morning. After two days of gains and a solid weekly performance highlighted by a spectacular Tuesday, indexes are down slightly to start the session. All eyes are on the Federal Reserve Bank and their pending decision on whether to raise interest rates at next week's meeting. Arguments abound on both sides of the decision process, but it seems that, given prior guidance and supporting data of excellent jobs numbers, that a rise is in the cards. While markets won't like it at the start, it won't be long until investors see that it is not a distressing event, but one that shows the promise of a robust US economy moving forward and that business can flourish in spite of higher interest rates. So after an initial negative response, don't be surprised to see a follow-up rally. In the meantime, investors will feel handcuffed by the pending decision, so don't expect to see much action either way barring some unanticipated international event. In commodity news, oil is on the decline again, down 3%, and precious metals are mildly to the downside.
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