(As of 7:23 am pacific)
Today’s market gain appears
solid, complimenting yesterday’s large rally.
The Michigan sentiment indicator came in slightly above forecast as did
the domestic GDP number. GDP was pretty anemic at 1.5%, but better than the
1.4% that was expected. Both figures
should have negligible effect on the market, but there is an afterglow of
positive momentum after yesterday.
European jawboning by politicians is telling the market that there is a
floor to European risk and this is shoring up that fragile piece of the puzzle
and keeping a cap on volatility.
Significant profit misses by Starbucks and Facebook sent their shares
plummeting, but a mild miss by Amazon was good enough to send that stock up. The dollar is down against most
currencies. Oil and gold are up slightly
while interest rates are stable. Today
should be a quiet day, with gains eroding a bit, but nothing serious.
