(As of 7:15 am PST)
Europe is
dominating the headlines once again this morning. Italy
has yet to form a coalition government since its election in February with the
leader of the Democratic party remarking today that only an “insane” person
would want to govern Italy and that the country was a “mess.” The comments sent investors running for the hills
frustrated by the lack of progress and nervous about the future of Italy. The Cyprus situation is not getting any
better either. Banks remain closed as
Cypriot authorities are expected to detail capital controls later today in an
attempt to reopen banks tomorrow.
Customers may find it more difficult than they expect to access and move
money for months to come. Economic
sentiment throughout the euro-zone region fell larger than expected this
month. US data is light today with one
report showing pending home sales declining by 0.4% in February. Treasury prices are roaring higher this
morning as investors flock to safety sending interest rates lower. Gold is higher and oil lower. The market is acting in a frenetic manner at
these tops, with small pullbacks triggering opportunities for some investors to
“buy on the dips” while others still waiting for a deeper correction.
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