(As of 7:15 am pacific)
With a lack of economic reports and data to sift through
investors are zeroing in on fiscal cliff discussions in early trading. Yesterday, House republicans offered up a
plan that included $800 billion in new revenue, nearly half of what the Obama
administration is calling for. The
political back and forth seems to be causing a feeling of complacency in the markets. Commodity prices are noticeably lower today with oil down 1% and gold down
over 1.25% on possibly some short selling out of Asia. Asian markets ended today slightly higher as
the Reserve Bank of Australia announced a rate cut to its key interest
rate. European stocks are higher ahead
of their close. Interest rates are lower
and volatility is down. With no economic
reports on tap for today, look for market moves to be determined by fiscal
cliff rhetoric.
