The indices across Asia are heavily in the red with a 4.5% drop in Shanghai and large drops in Singapore and Hong Kong too. Europe is not any better and I expect this downside momentum to carry on into the US market. Remember, it was a 8% drop in China that started our 400 point drop on Feb. 27.
Jobless claims drop though not as much as forecast.
Leading indicators and Philly Fed survey are two important pieces of economic data out later today.
China's economy continues to surge as an 11.1% Q1 growth rate fuels fears of further rate hikes and thus the 4.5% drop in the Shanghai composite .
US foreclosures up 47% in March on worsening housing conditions in California and MidWest.
Earnings Calendar
Merrill profit jumps 31% on investment banking and trading revenue.
Altria profit falls 21% but raises guidance for rest of the year.
Gilead profit surges 55% on growth in sales of HIV treatment.
The futures are showing a very weak market open. I expect overall market weakness today on profit taking and as a reaction to overnight action in Asia and Europe. QID, DXD, SDS, MZZ, TWM all look good today.
Jobless claims drop though not as much as forecast.
Leading indicators and Philly Fed survey are two important pieces of economic data out later today.
China's economy continues to surge as an 11.1% Q1 growth rate fuels fears of further rate hikes and thus the 4.5% drop in the Shanghai composite .
US foreclosures up 47% in March on worsening housing conditions in California and MidWest.
Earnings Calendar
Merrill profit jumps 31% on investment banking and trading revenue.
Altria profit falls 21% but raises guidance for rest of the year.
Gilead profit surges 55% on growth in sales of HIV treatment.
The futures are showing a very weak market open. I expect overall market weakness today on profit taking and as a reaction to overnight action in Asia and Europe. QID, DXD, SDS, MZZ, TWM all look good today.
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