(As of 7:18 am pacific)
It's an ugly opening for the
market as corporate earnings were a big disappointment and news from Spain has
brought back into play European jitters.
It is a 'risk off' scenario as investors are dumping most investments
and moving to a more conservative position.
The US Dollar index is up strongly, while oil, gold and most other
commodities are down. Interest rates are
down slightly as investors seek safety in US Treasuries. The Presidential
debate, which appeared to be a win for Obama, but not a knockout punch, seems
to be having little effect, but uncertainty about the coming 'fiscal cliff' is
looming larger. While corporate earnings
generally disappointed, there were some bright spots and I would expect the
markets to adjust from what seems an
overreaction, and recover some of its losses.
