Good Monday morning. We awake today to some unusual cross currents that are pressuring markets:
• IMF Managing Director Dominique Strauss-Kahn arrested on sexual assault charges;
• U.S. government expected to hit the $14.294 trillion debt ceiling Monday at midnight;
• Greece plead for more aid; EU officials to consider additional budget cuts in exchange for more aid.
• Goldman Sachs lowered its rating on Japanese & Korean Equities, (China and Taiwanese remain “overweight”) Asian stocks were lower on the day
• The US four day losing streak is the longest since February
• Euro trading at 1.4128, its lowest level since March.
• Silver dipped to $34.60 an ounce
• Gold & Oil extended declines from Friday.
• European earnings estimates drop the most since 2009
Quite a few strange things are afoot at the Circle K . . .
More later . . .