(As of 7:24 am pacific)
Today’s market is experiencing a bounce from yesterday’s
large drop. The dollar is down slightly
as are gold and commodities. Volatility
is down, the result of the bounce.
Europe is generally quiet, although the German Business Sentiment Index
was at a two year low. Moody’s downgrade
of the major banks yesterday afternoon has had minimal effect on the banks,
although I believe that as the day wears on we will see some deterioration in
financials as a result of that downgrade.
I expect the market to attempt a recovery from yesterday’s loss, but in
the end, I expect continued market weakness into the afternoon, and that the
market will give up its gains as negative momentum gains traction.
