(as of 7:10 AM PST)
Investors seem to be gasping for air this morning grappling with the lofty heights of this spectacular rally that has seen markets reach highs that we have not seen in months. While most indexes are down modestly, it seems of little concern to the marketplace with positive momentum firmly settling in. Unemployment claims have reached their lowest level in decades, showing that the US economic recovery is strengthening. Earning season is in full gear and one of the key sectors, banking, seems to be providing a lift. Although results are less than expected, it seems that they are not as bad as feared and thus providing a positive surprise. Corporate earnings will likely be a market driver for the next few weeks and, with low expectations, we might well see some positive surprises that will keep the rally alive. Asia markets followed US markets higher overnight, while Europe is struggling to find footing. Precious metals are down while oil is slightly higher on long term supply and demand projections. Interest rates are stable with inflation seemingly well under control.
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