(as of 7:20 PST)
It is a tired stock
market. Indexes are falling today. Earnings season is running down and as
investors reflect on how far stocks have come in the last year it is only to be
expected that a bout of profit taking is in the cards. The one key piece of economic data, the ISM
Services number, came in strong, and stemmed the downward slide somewhat, but
it certainly feels like buyers are few and far between. Consolidations and downward adjustments are a
healthy part of market advances and today’s market losses are no
surprise. Oil and gold are both down
small amounts and the US dollar is mixed against other currencies. The yield on the 10-year bond is up this
morning. Expect an orderly retreat as
investors ponder the next market moving event.
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