Today is Veterans Day and many markets for the exception of the equity market are closed. First and foremost please thank all who defended our country, especially the families of those who gave the ultimate sacrifice. How can we ever express our gratitude to those who defended our country and permitted us to live this culture and this lifestyle? Thank you!
I have little to comment about yesterday’s market activity other than I think the markets are feeling “heavy” and profit taking should be expected. Equities can easily decline 3% to 5% under this guise of profit taking and would be deemed as healthy.
Last night the foreign markets were up. London was up 0.18%, Paris up 0.61% and Frankfurt up 0.33%. Japan was up 2.05% and Hang Sang up 0.27%.
The Dow should open quietly higher with many questioning if the markets have gone too far too fast. Trading should be quiet. The bond market is closed for the holiday.
Ken Engelke
Chief Economic Strategist Managing Director
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