Markets were up a little in quiet trading day. Dow is up 74 thanx to Exxon (XOM), Chevron (CVX), Merck (MRK), Verizon (VZ) & Wal-mart (WM) but advancers are only 25% over decliners and NAZ is up marginally. This will be a short week with only 3½ days of trading, many traders are away for a long holiday. The European Bank is expected to raise its lending rate (it rarely does) which should strengthen the Euro. Oil went over 143 in its crazy world. This time buying was based on tensions in the Mideast, but it just slipped to "only" 141. Because of extensive flooding in the Midwest, farmers will plant corn on 8.7% fewer acres. This is a bullish signal for corn, but it pulled back 29¢ from record territory of 7½. Still 7.26 is plenty high. Corn is the #1 crop used to feed farm animals, so it has a vary large impact on inflation.
Here is an interesting report on the global economy facing a very ugly time. I also like the comments from Bill Gross, the bond expert of Pimco, that the gov needs to do even more for the economy. Trading for the balance of the day will be influenced by last minute buys & sells for quarter end portfolio adjustments.
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