(As of 7:05 am pacific)
It's shaping up to be another
dismal day for markets. A short opening market bounce quickly faded as data
that has been jumbled by hurricane Sandy poured in. Retail is in the spotlight and it is not
good, with Wal-Mart and Ross Stores falling on less than expected profit and
growth. Jobless claims were through the
roof, but much of that was attributed to hurricane Sandy. One can't help but feel however, that investors
are getting jittery about the country's selection of President for the next
four years, and whether we are in for more of the 'new normal'. The dollar is mixed, gold is down, and oil is
up, in reaction to Middle East tensions.
Europe news is depressing and Asia is abuzz as new leadership takes over
in China. It appears that it will take a
solid, positive resolution to the fiscal cliff to turn this ship around.
