Good morning. Happy Tuesday.
The Asian/Pacific markets closed mostly up; there were no big winners or losers. Europe is currently up across the board. Greece is up 1.6%; Italy, Spain, France, Germany, Norway and the Czech Republic are also posting decent gains. Futures here in the States point towards a positive open for the cash market.
The dollar is down. Oil is up, copper is down. Gold is flat, silver is down.
Yesterday was mostly a day off for the market. The indexes gapped up, dropped to fill the gap and then slowly grinded up to an intraday high before giving a little back into the close. The range was small, volume was light. Combined with the week before, the market is in consolidation mode, so instead of correcting with price (remember, it rallied straight up for three weeks and was in need of a rest), it’s correcting with time. Instead of pulling back and scaring off some weak hands, it’s frustrating impatient holders.
The indexes I’m keying on right now are the Russell and Nas.
The Russell is ready to bust out from a little pennant pattern.
But the Nasdaq isn’t even at resistance yet.
If the Russell goes, and the Nas can’t follow along a couple days later, the upside will be limited. More after the open.
headlines at Yahoo Finance
headlines at MarketWatch
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers