Reuters: World stocks power to 10-month high
Monday's data showing a bigger-than-expected rebound in euro zone industrial new orders...So the keyword today is "on hopes of a US recovery."
Sometimes reading the day to day financial reports feels like reading a supermarket tabloid. Much is based on intangibles like hope, fear, optimism, hearsay, and opinion.
Last week's data on housing, which was surprisingly good, is still turning heads. I would be curious to know how depressed housing prices along with the $8,000 credit for first time homeowners affected Friday's data.
Roubini's comments on his fears for a double dip recession are still reverberating.
Reuters: Stock futures rise on recovery hopes
...as global stocks hit 10-month highs on hopes that the U.S. economy will soon start to recover from recession.
"...I think the biggest driver in today's market, at least in the early trade, is momentum and that momentum is positive..."
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