(as of 7:10 AM PST)
While markets are down this morning, there is little concern among investors because a day of consolidation almost seems like a positive after the amazing upward run we have seen over the last three weeks. Since the lows of February 11th we have seen a rally in indexes of up to 10%. After the brutal battering of markets in January and early February we are just a few points shy of being even for the year, an accomplishment that few analysts envisioned just a short time ago. International markets are mixed with Asia mostly higher and Europe mostly lower. Oil is down on profit taking after a big run-up over the last week while precious metals are higher, continuing their robust rally of 2016. Economic data appears weak out of the gate, but in retrospect, might have a silver lining. US productivity was down significantly, but it was due to wage growth, a missing component of the US economic recovery until now. Thus it seems that today is a day to turn the lemons of a less than stellar day into lemonade.
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