(as of 7:10 PST)
The dramatic shift in market
sentiment is still evident in today’s morning action. It appears that a resolution of the debt ceiling
and a reopening of the US Government after a budget compromise will happen
today. Unfortunately, at least for the
debt ceiling issue, it is a short term solution, bound to continue to cause
headaches into the winter months. Gold
and oil are getting hammered today, both continuing a string of declines over
the last week. Markets are continuing to
rally, but are mostly digesting yesterday’s huge market jump. Attention is likely to focus now on when the
Federal Reserve will begin tapering its government and mortgage bond buying. For the time being investors can breathe a
little easier.
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