The Market On Thursday

Good morning. It is 31 degrees and sunny here in Upstate NY. It could very well end up being a delicious sort of day. There's an old joke here, a carpenter's joke if you will. It goes like this - It really feels nice out today, in fact it feels so nice out, I think I'll leave it out...

At 8:30 a.m. futures are slightly up, the dollar is mixed, and oil is up.

Investors are reflecting on the interest rate hike from the ECN.

The European Central Bank raised interest rates by 25 basis points to 1.25 percent on Thursday, announcing its first hike since July 2008 to counter firming inflation pressures in the 17-country euro zone. source

This is scary for investors because at some point the cheap money ends here in the USA.

Its still about Monday the 11th when Q1 reports start coming in. Alcoa usually kicks it off.

CNN: Stocks: All eyes on Europe

Like the Federal Reserve in the United States, the European Central Bank and Bank of England have both kept interest rates at historic lows recently -- as a way to spur economic activity following the recession.


But rising energy and food prices have raised fears that inflation could be become unwieldy, at a time when economic growth is still sluggish.


Oil for May delivery gained 7 cents to $108.90 a barrel. A survey for motorist group AAA showed the average price of gasoline rose for the 16th straight day, up 1.8 cents to $3.725 a gallon.