There are no words that can describe today's markets, but that never slows me down.
Yesterday's upside reversal saw the NASDAQ rise for the 9th day in a row. It's something that's happened as many times since Mar. '09. "Half the time, the streaks ended with the market pulling back or turning choppy. The other half of the time, there have been declines of 5% to 19%." [from IBD] Futures traders right now see stock indexes up +0.04%; they also got metals -0.09% after yesterday's sideways trends. Later this AM we get reports from Case-Shiller 20-city Index and Consumer Confidence. News links:
- Dollar Strengthens as Fed's Yellen Seen Signaling Higher Rates Bloomberg - 9 hours ago A shopper holds a Japanese 1,000 yen banknote at a store in the Sugamo Jizo-dori shopping area of Tokyo. Bank of America Merrill Lynch forecasts the yen will drop against the dollar into the second quarter as investors factor in the widening interest-rate ..
- US probes banks over metals pricing: Report CNBC - 3 hours ago U.S. officials are investigating at least 10 major banks for the possible rigging of precious-metals markets, according to a report by The Wall Street Journal (WSJ) late Monday.
- Brent falls toward $58 as supply fears linger
- Supreme Court to hear 401(k) fee case
- 10 reasons U.S. stocks may see a 10%-20% correction by July
- Pro calls bottom in gold
Another big heads-up from IBD is "Tax System Gives Edge To Foreign Buys Of U.S. Firms" Bottom line is Canadian VRX shot up 14% after buying North Carolinan SLXP which tanked. While others can argue whether Obama hates America, the rest of us have understand that feeding our families means investing outside the U.S -and I'll cry for the U.S. all the way to the bank.
Related FR Econ thread: As free trade pacts expand, U.S. trade deficit soars. Why add one more?