Wow, look at that date! Tax day is approaching and guess who’s not done yet?! I’m close, but I’ve got to finish it and today’s the day I focus on getting them done, so you will be hearing less from me today and possibly tomorrow, but I’ll certainly be done soon.
Futures tried to run higher last night but turned lower this morning as the market could not get through the 848 pivot setting up the possibility of confirming all those hammers from Friday. If we are beginning a turn, which is much too early to know, then the first area of support is just above the 800 level:
The deal with IBM and Sun sounds like it’s in jeopardy of failing and that’s pressuring the NDX.
And bonds found support again, hmmm, it’s amazing how stocks suddenly get pressured and bonds zoom just as rates get close to support.
I can tell you that I hear way too much optimism in the media about inflation. There was an article in Bloomberg about deflation being dead and that inflation trades, like TIPS, are doing best. Sold to you is all I can say about that!
The Dollar is up this morning, gold is down further.
There are very few economic data releases this week, but today there are a ton of short term treasury auctions – must sell more debt. Today marks the beginning of Quarter 1 earnings so we’re in the area were market moving releases can occur. Markets are closed on Friday for the Good Friday Holliday.
Have a good day, appreciate the input on the market thread,