The US budget committee appears destined to fail to reach agreement by the deadline as European bond yields continue to rise. Dow down 255.
Dennis Gartman has revised his short term outlook on US equities and on gold.
Funds Managers have all but given up on 2011, or so it seems. Meanwhile, investors in resources may simply have to be patient.
Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead.
A brief look at important company events and economic data releases next week.
Stock and commodity markets are in the hands on indiscriminate selling on low volumes with Europe remaining a background of concern. Dow down 134.
Ratings agency Fitch told everyone what they already knew late in the session but it was still worth a 190 point drop in the Dow.
Wall Street seemingly ignored rising eurozone bond yields last night and used positive US data as an excuse to do not much at all. Dow up 17.
Still tight market fundamentals and Iran adding to geopolitical pressures suggest the bias for oil prices remains to the upside.
Technical market analysts at FXCM suggest the current pattern of the Dow Jones Industrials is close to what was seen in July of this year.