Sang Lucci January 7th Pre-Market Update
With the lack of economic data this morning the markets are focusing on this Basel Committee meeting that took place in Europe, relaxing some of the liquidity requirements for the big banks. Bank of America (BAC) earned another headline this morning reaching a $10 billion settlement deal with Fannie Mae over mortgage loans made by Countrywide Financial. Financials were strong in the premarket but have since lost much of their gains.
Earnings season kicks off officially tomorrow with Alcoa (AA) reporting after the bell. Monsanto (MON) & Wells Fargo (WFC) are the other names to watch for this week and next week will bring about earnings in all the major banks plus a host of other names to pay attention to.
Gold & Silver sold off this morning as the metals sector continues to feel the brunt of the weakness in this market due to the possibility of an end of the QE3 unlimited stimulus program.
Be sure to keep an eye on the indexes this morning as it is setting up to an interesting trading session. We've come a long way in a short period of time so remember, no matter how bullish the markets get, that pullback is never too far away.
GOOD MORNING YOUNG WORLD!
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