(As of 7:05 am PST)
Positive economic data is
being muted by the coming sequester as the stock market searches for direction
this morning. Stocks are holding on to
small gains after an upbeat durable goods report. Although aircraft and defense orders pulled
the index down, the core durable goods number came in at plus 1.9%, a fairly
strong reading. Gold is down along with
oil by small amounts, while the US dollar index is down. It is not likely that the market can hold
onto gains with the drag of uncertainty the sequester (mandatory budget cuts)
brings, coupled with European troubles from Italian elections. Mortgage
interest rates have reversed their upward trend with the 30 year back to
3.5%.
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