(As of 7:08 am pacific)
Earnings reports have become a
bit mixed this morning with some big hits and a few misses. But Europe is taking center stage this
morning. Spanish bond yields, which have
risen sharply, and other troubling Europe news are dampening what was generally
a good aftermarket for earnings yesterday.
Concern about China growth has also contributed to investor worry. Gold is down slightly, while oil is down
moderately as the dollar is rising strongly against all currencies except
Japan’s yen. Interest rates are mixed,
slightly up on short term rates and slightly down on the longer term. This down market might be a preview of life
after earnings season. Earnings
enthusiasm has masked a series of negative economic reports and when the glow
of a somewhat positive earnings season fades investors may not like what they
see.
