Wait and see


Japan`s Nikkei ticked down -0,19% to 14,457,51. The broader Topix was flat at 1,182,48. European stocks were also flat today. S&P 500 will open a little bit up today. Many investors are in a «wait and see mood».


The ISM services (The Institute for Supply Management`s Service sector Index) came out and showed pretty good growth, and I think that was a surprise for many investors. Apple shares are also up +1,4% at $600,96. Apple Inc closed above the level for the first time since October 26, 2012.


Fannie Mae and Freddie Mac gained with good help from the activist investor William Ackman. Fannie Mae was up 3% at $4,10 while Freddie Mac was up 6,3% at $4,23. B/E Aerospace jumped 9,3% to $97,22. That`s a great jump only on rumors.


5 billion shares changed hands on U.S exchanges and that is well below the 6,7 billion average for the last five sessions. Draghi and ECB is on hold and many are looking for any sign the ECB could embark on U.S style QE (Quantitative easing). They will wait for some time.


The rally in the Euro currency and the declining U.S dollar index today are helping to limit selling pressure in gold and silver. The U.S dollar index fell to a six-month low overnight. The Russia-Ukraine tension are still high with no major developments.


Gold is now trading at $1,314,40. Gold is weaker but still above $1,300.



Reports today:

08:30 a.m EST Trade balance

05:30 a.m EST FOMC Member Stein Speaks


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Filed under Commodities, Stock market, Stocks

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