(as of 7:00 PST)
The deal was done. It was very anti-climactic. Markets rallied yesterday when it was all but
assured. But this morning negativity
started the day. Canvasing the political
and economic landscape it is hard see that any significant good was
accomplished from a huge expenditure of resources and emotion. It is quite natural to feel that empty
negativity. But markets should quickly
pick up the pieces and get back to the business at hand. Economic reports and corporate earnings will
now take center stage and markets should claw back from early morning
declines. Gold is up over 2% on the day
while oil continues its downward trend.
The dollar is down across most currencies on the prospect of continued
stimulus. Interest rates have ticked
higher. Expect a relatively quiet day as
investors take stock of the situation.
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