(as of 7:30 AM PST)
The new quarter has started on a quiet note. Yesterday's rally did little to heal the wounds of a brutal September for the markets. Today's mild losses at the opening are actually encouraging given a nearly 2% gain yesterday. If indexes can maintain near unchanged that would be a real positive. Economic data is mostly negative on the domestic front. The ISM manufacturing index was at its lowest level in two years although still in an expansion mode while jobless claims were up by 10,000, but still in an acceptable range. Weak global growth seems to be taking a toll on what looked like a vibrant US economic recovery just a couple of months ago. Oil is up big, up over 3% while precious metals are flat.
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