Equity futures are flat to down slightly heading into the open. The dollar is lower, bonds are flat, oil is higher, gold is higher, silver gapped higher, and most food commodities are substantially higher as well.
New Home Sales are released at 10 Eastern this morning. This is a busy week for economic data, the FOMC announces on Wednesday, Q1 GDP comes on Thursday, and we’ll see both “Consumer” Confidence and Sentiment numbers this week – something that commodity prices should be affecting.
It seems like much time is wasted wondering what the Chinese will do – will they revalue the Yuan? Will they sell off their U.S. debt holdings? In the end, whatever they do is the result of the impossible math that WE’VE created. The impossible math is glaringly obvious, yet we continue to do nothing about it except to distract the masses with “investigations” into high oil prices (which never find anything or anyone to blame), or by dropping bombs on other world leader’s compounds as if assassinating whoever we want is no big deal.
I have to keep this update short as I will be out of town for the morning – will have more tomorrow.