(as of 7:10 AM PST)
Stocks have snapped back from yesterday's apparent profit taking session. They continue to follow the rise and fall of oil, which is on the rise due to varying interpretations of inventory data. The world continues to be awash in oil, but for now investors are piling in to a bullish bet on the commodity, which seems to be built on pure speculation since global oil supplies continue near record highs. Today's market rise is very moderate, but does show some resiliency for this leg of a near month long rally. Precious metals have fallen out of favor today, consolidating some of the large gains of 2106. International markets were mixed with most Asia markets following the US lower. Europe is reversing that trend with most country markets showing moderate gains. Earnings season is almost upon us, and if current analyst projections are correct, earning will not be a positive momentum builder this time around. Companies are expected to struggle on revenue and profits, especially those that have exposure to troubled global consumers. Upside potential appears pretty limited today with no economic data to provide that upward catalyst and profit taking likely to continue on the minds of investors.
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