Markets Grind Through Monday: Dave's Daily



Gung Hay Fat Choy! There wasn't much action on Monday and frankly we may just churn about until the Fed does its thing on Wednesday. We'll have little bursts of enthusiasm or the opposite on earnings perhaps starting with Texas Instruments (TXN) tonight and Apple (AAPL) on Tuesday. Between now and Wednesday, economic data beyond Pending Home Sales Wednesday will be sparse.

The World Economic Forum is meeting in Switzerland and attendance by some has been reduced. Nevertheless, the elite ruling class and intellectuals theoretically have a goal of moving developed countries toward some undefined centrally planned economic system to replace capitalism. Meanwhile, Kentucky Senator Rand Paul was detained by TSA for refusing a pat down. And, in far-flung Wutan, China there are some protests over authorities seizing villagers' lands without compensation. Then there's the "preppers" movement who believe in societal collapse. I expect more, not less dissent from many quarters. Is this relevant to financial markets? Not today. But it was on my mind.

Late breaking news from the eurozone has eurozone finance ministers reject Greek PSI offer--euro falls versus the dollar after. The finance ministers want private holders to accept a coupon on exchanged bonds at less than 4%. Good luck with that!

Markets struggled for direction most of the day. European stocks were higher as the EU began a meeting. Greece couldn't meet Monday's deadline for a deal with private bond holder. But, investors liked the German idea of boosting the rescue fund which would buy more time and cost more ink. This caused a rally in the euro as too many are short the currency. Gold prices were higher as the dollar weakened. Oil prices climbed with the weakening dollar and more Iranian tension. Bond prices were somewhat weaker.

Volume was once again light and breadth per the WSJ was mixed overall.

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