March 8th, 2012
in Gary's blogging
The market continues to show a lack of direction after a healthy gap up this morning, falling and the rising again.
But continuing worries of Greece defaulting put additional pressure on the outcome. The financial reporting of 'not so good' employment continuing claims and initial claims numbers this morning didn't help either.
Gold is down at 1694 off the high in the low 1700 in past sessions. Brent is meandering along in the 125 region and WTI oil is doing the same at 106.
Greek bond holders have until 3 pm EST to participate in the bond swap. Several Greek organizations have said they won't join.
@Athens News: "Investors are cautiously following the risk-on momentum,» said Goro Ohwada, president and CEO at Aino Investment Corp, a Japan-based fund of hedge funds, pointing to a belief by some investors that equities will remain supported in the lead-up to the U.S. presidential election in November.
"Ample liquidity is also supporting risk appetite, but given the vulnerable nature of the current uptrend, I'd also put money in a category of assets unrelated to financial markets, such as natural gas and some commodities,» he said.
@financial times “When, on Tuesday, the Greek debt management agency declared that it simply did not have the money to pay stubborn bondholders who rejected a debt restructuring it did so with one group in mind: investors holding the €20bn or so of Greek bonds issued under foreign, as opposed to Greek, law.”
Written by Gary