(As of 11:23 am pacific)
More doubts about Europe and concern about the Chinese
decision to lower to Bank Funds rate yesterday are making for a negative
market. There are no economic reports at
this time. Oil and Gold are down
significantly. The markets losses are
mild. The dollar is up against most
currencies except the yen. Volatility is
down slightly. It doesn’t appear to be
a ‘risk off’ scenario, where hedge funds are deleveraging and selling
everything. It seems more like profit
taking from this week’s huge rally, with some timid bulls continuing to
buy.
