(As of 7:19 am pacific)
It is eerily quiet in the
markets this morning. Spain has set some
cost cutting goals to meet austerity requirements, while Italy is talking of
needing help in lowering borrowing costs.
Economic reports are scarce today, with the balance of trade coming in
with decrease. Gold is up slightly, oil
is down moderately and interest rates are flat.
Volatility is down. There have
been more warnings on earnings and revenue guidance. Expect corporate earnings to dictate market
action for the next couple of weeks.
Unfortunately earnings are not looking very impressive. The dollar is down against all other
currencies and commodities are generally up as a result.
