(as of 7:00 AM PST)
Markets are holding steady this morning after a week that has been a pleasant surprise for investors. It seems that early in the week investor sentiment was so negative and short sellers were so exposed, that a surprise rally sent bear market strategists running for cover, trying to avoid excessive losses. With short sellers adding to buying pressure stocks continued their upward trajectory with indexes up almost 2% going into Friday's closing session. There has been a definite shift in expectations from the Federal Reserve in that an interest rate hike seems much more likely in June based upon positive economic data on the US economy. But markets have shrugged off interest rate fears putting much more emphasis on signs of a robust economic recovery in the US. The dollar is continuing to rally against most foreign currencies which is putting downward pressure on oil prices and precious metals. After rallying to over $50 per barrel this week, oil is giving back some gains today. Gold has been a victim of a strengthening US dollar, giving back a good chunk of its strong year to date gains. International markets have been pretty quiet, seeming to be in a consolidation mode, after following the US markets higher this week.
As we head into the Memorial Day weekend now might be a good time to go to our website and watch our video of the 'Memorial Day Miracle'. Click on www.millerfinancial.biz and scroll down to this amazing and inspirational video of a fighter jet crash and the incredible aftermath.
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