SHORT TERM: US markets closed, DOW (YM) -60
Overnight the Asian markets gained 0.4%. European markets opened lower and lost 0.2%. US index futures traded lower overnight, and closed early due to Hurricane Sandy. At 8:30 Personal income was reported higher: +0.4% vs +0.1%, along with Personal spending: +0.8% vs +0.5%. Also PCE prices were reported positive: +0.1% vs +0.1%.
The US futures markets ended their overnight session lower: SPX (ES) -4.75 and NDX (NQ) -14.75. Bonds gained 6 ticks, Crude slipped 40 cents, Gold lost $2, and the USD was higher. Tomorrow: Case-Shiller at 9:00, then Consumer confidence at 10:00. US markets may even be closed tomorrow. Best to all in the storm’s path.
MEDIUM TERM: downtrend likely underway
LONG TERM: bull market