The lack of any substantial QE hints have investors on edge going into the weekend. The whole basis of the rally it seems was the notion that QE3 was right around the corner and the congressional testimony by Bernanke didn’t reveal anything new. A quick look at the three major indices has the Dow futures down 52, the Nasdaq down nearly 8 and the S&P off 5 points going into the market open.
China’s rate cut, while initially hailed, is now worrying investors that it was some sort of pre-planned move due to bad data. Upcoming data out of China includes PPI, CPI, industrial production, retail sales and fixed-asset investment. Sign Up For Free Stock Alerts
Europe continues to remain an ongoing concern with the expectation that Spain will soon ask for a bailout of its financial institutions. Always expect the unexpected out the EU as the rumor mill continues to churn in both directions.
Commodities are following the rest of the market sharply lower. Oil prices are really taking it on the chin this morning as Nymex crude futures are down 3% to $82.25. Gold prices continue to give up ground, off another $9 to $1578.90 per ounce. [Read more...]
