Worries over China and the
Federal Reserve set the early morning pace with a negative market opening. A
Japan GDP number that did not match economist’s estimates also weighed on
stocks. But positive news out of Europe
helped turned things around and stocks are now trading slightly positive. Gold is having a big day, up nearly $27 an
ounce and oil is near unchanged after losing ground initially. The US currency is up, with international
investors seeking a bit of a safety net, in anticipation of a market
correction. Corporate earnings have been
good so far, with nearly 90% of the S&P 500 having reported their
results. With earnings season winding
down, it is hard to see the next catalyst for a market surge. It feels like profit taking is in the cards
over the next few weeks.
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