(as of 7:15 PST)
Markets are down this morning
for the third straight day. Sales on
Cyber Monday were robust and gave a boost to retailers, but negative momentum
has investors on the defensive. It has
been quite a run this year for stocks and it is not surprising that investors
are tired and ready to cash in on some profit taking. Apple Inc is a bright spot, up almost 2% on
an upgrade by UPS and it is helping the NASDAQ stay close to breakeven. Gold continues to drift lower, along with
most other commodities. Oil is up over
1%, reclaiming some of sharp loses in has seen over the last few weeks. Mortgage interest rates are on the rise, with
the 30 year rates near 4.5%. It’s hard
to see a catalyst on the horizon that will spark another stock boost, so don’t
expect a Santa Claus rally this year.
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