Stocks Off To A Modest Start
The markets are mixed in early trading. Asia was down slightly overnight, while Europe was mixed. The Yen rose slightly versus the dollar, which is making news again due to the worries about the yen carry trade.
Our 10-year yield is stable at 4.28%. Oil is up slightly, trading below the $61 level.
Treasury Sec. Paulson is still in China, and has made constructive comments on the market. I also think his trip will be successful in improving our relations with China's govt. in terms of their policies on currencies, etc.
The markets had a nice bounce yesterday, posting their best 1-day performances so far this year. I would like to see the indexes build on their gains today, but even a sideways consolidation day wouldn't be all that bad.