(as of 7:00 AM PST)
It is a very quiet morning and likely to remain that way with little economic data of substance to be reported. Markets are down mildly to start the day and there are analyst conversations about stock prices being ahead of themselves after the three week rally that we have seen. Earning season looks like it will not provide further positive momentum so there is no indication of a positive catalyst to move things forward from here. Oil is up slightly, adding to major gains from last week, but stocks are ignoring the minor uptick. International markets are mixed, although European debt problems in Greece and Portugal are starting to make waves again. Expect a quiet day with some profit taking putting downward pressure on prices.
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