It’s been a pretty volatile week with little or no economic data to
distract investors away from the woes of China and the decline in oil prices.
The last 2 sessions have seen the markets attempting to gain back some of the
losses from the worst opening week to a year in history. After a seesaw day
yesterday which saw the markets giving away most of its early gains, there was
a rally in the last 90 minutes of trading and all major indices ended in
positive territory for the second straight day. Will we see the streak continue
for a third day in a row? Early signs are pointing in that direction and it appears
that oil is leading the charge up over 3% in early trading. China’s Shanghai
Index was the lone loser in the global markets overnight as all other European
and Asian markets showed some strength. There was data out of China that
showed exports fell for a sixth straight month in December but the drop
was smaller than economists’ predictions. This may be a sign that things might
be stabilizing. There are no major market moving economic reports due out
today. The only report of note is the Fed’s Beige Book report which outlines
the anecdotal evidence on U.S. economic conditions. Oil will more than likely
garner most of the attention today.
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