(As of 7:00 am pacific)
It is a quiet start to the
week. Markets have eked out a small gain
as retail sales came in better than expected and Citibank earnings beat
estimates, which had been significantly reduced over the last quarter. The Empire State Manufacturing Index
continued to show contraction, although it was slightly better than last
month. China exports showed a recovery
over the weekend, boosting Asia. Oil is
down as is gold, while the US dollar index is close to unchanged. Mortgage interest rates are falling and are
near historic lows. Expect market action
to be driven by earnings and, more importantly, earnings projections for the
following quarter. Expect the market to
reverse itself and struggle to finish positive today as earnings outweigh mildly
positive data.
