So, busy week-end on the honey-do list... Wish I had got more done, but she isn't home until Wednesday so I should be able to finish it by then...
Today, the markets are slightly down, but expect the gap down to be filled... then, who knows where...
The US markets are ignoring a mediocre earnings season (over half way through, beating or barely beating lower expectations) and the tanking Japanese market (Nikkei down 8% in 3 days). The European markets are not reacting to the Asia markets, as I expect the US markets will also ignore it...
I suspect with $5.25 billion over the next 2 days for the banks to invest (unknown for the rest of the week since the schedule doesn't come out until late afternoon the last day of the month), leveraged to $50 billion will have some affect on the market (although how much is questionable).
We have Pending Home Sales (10:00am) and the Dallas Fed Manufacturing Survey (10:30am) are both due today, but to be honest, good news is good for the market (retail investors) and bad news is good for the markets (more QE, institutional investors). I read some market post this week-end saying they were going to wait for a 5% correction to enter the market... didn't we just have a quick one a starting May 22 and ending June 25? Why wait until now to look for a correction... should another one be expected so soon?
Well, the gap was filled (within pennies) but headed down just a little as I wrote this (I should learn to write faster). The market is probably pausing for the economic reports this morning.
Good luck everyone!!