There is more than it being the 1st day of month

Yes in some parts stock investing has been reduced to buying on the last day of the month and selling at the end of the day on the 1st day of the new month but looking at more fundamental factors influencing markets today, there is plenty going on. The Saudi stock market plunged by about 7% to the lowest since July ’09 and down 11.6% over the past three days on concerns at where this Middle Eastern unrest ends and oil prices are up as a result. Chinese stocks rallied on the soft landing belief after both state and private sector weighted PMI manufacturing indices fell to the lowest since last summer. India’s Sensex index rose more than 3% as their new budget of cutting spending was well received. Bernanke speaks today and will likely be peppered with questions on commodity inflation, especially as gasoline prices have risen .20 in a week which equates to about $28b annualized of extra consumer spending at the pump.

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