Gold continues lower as the dollar has a follow through day to the upside-so far. Oil is lower and is hanging around $75 a barrel. Market weakness this morning is attributed to the notion that the Fed may raise rates next year. Shocker, I thought they would be zero forever.
The dollar will tell the story this week more than ever as it showed tremendous rebound ability on Friday, a continuation of that action could stall the market rally. The market did show incredible resiliency on Friday in the face of a strong buck though.
Bernanke speaks at noon and evidently will chat about the dollar at that time. Have a great day.
Economic
15:00 Oct Consumer Credit (last -$14.8B)
Events
12:00 Fed Chairman Bernanke speaks to Economic Club of Washington. 17:45 Fed’s Dudley speaks at Columbia University. Copenhagen Climate Conference. 8:00 FDA Cardiovascular and Renal Drugs Advisory Committee Meeting. UBS Media & Communications Conference. MET Investor Day. AKAM Analyst Day. SLG Analyst Meeting. Ex-dividend: PEG $0.333, FTR $0.25, APC $0.09, AEE $0.385, LPS $010, AMX $0.765.
Earnings
Before the Open: BTH, GRB, LAYN. After the Close: CASY, FMCN, PBY.