Is The Market Stuffed?
I am still feeling stuffed this morning, after a big Turkey Day feast. I think the market may be feeling a bit of the same, as it opens under some selling pressure this morning. You will likely hear a lot of reasons why, but it is what it is - mostly profit taking.
The dollar is breaking to a new low vs. the euro. This is likely giving a boost to commodities, as gold and oil are both higher. The hawks will say this is not good for inflation, but the 10-year says otherwise, breaking down to a recent low itself, now at 4.54%.
Energy is the only sector clearly in positive territory. Semis are down the most, along with brokers. But its still early.
In other news and notes:
- Nikkei sheds -1.1% overnight; Eurpoe weak also
- STLD profiled in IBD
- 4.5 maginitude hits Hawaii's Big Island
- RedHerring says YouTube legal woes overblown
- Qatar Oil minister says demand for oil in winter is low