(As of 7:22 am PST)
Robust market gains in Asia
did not carry over to US markets this morning.
It feels like a bit of a hangover after three days of partying to the
upside. Profit taking is definitely the
order of the day. The Dow is down triple digits and other indexes down a like
amount. Gold continues its fall off the
cliff and oil continues its surprisingly strong run. US economic data reports were not that bad
this morning, but not enough to excite investors. Chicago PMI, a key measure of economic
activity, came in below expectations, but still at a level which indicates
economic expansion. Consumer confidence
was down a small amount, but ahead of economist’s expectations. Federal Reserve spokesmen are trying to stem
the large increase in interest rates that occurred over the last couple of
weeks, with limited success. Expect a down day as profit taking continues.
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