The Morning Outlook (SPY,DIA,QQQQ)

The Morning Outlook (SPY,DIA,QQQQ)

The Morning Outlook (SPY,DIA,QQQQ)

This morning the futures are pointing up an average of a half a percent. Foreign markets closed with mixed outcome, Asia fell slightly while Europe and Australia were both up minimally. Gold has finally begun to sell off and is currently trading at $1,232.90 down $11.10 or .89%. Oil rose from yesterday $1.16 or 1.61% and is trading at $73.15.

In other headlines, OPEC revised its forecast for world economic growth today from 3.5% in May to 3.8% for June. The forecast takes into consideration the Euro-zone sovereign debt problem, and China's overheating and high unemployment issues. OPEC also lowered its oil demand growth forecast by 10,000 barrels a day. The Organization of the Petroleum Exporting Countries supply roughly 35% of the world's oil, such economic clout will hopefully instill confidence to investors today and aid in the U.S. recovery.

Making headlines today is Allscripts-Misys Healthcare solutions buyout of Eclipsys Corporation for $1.3 billion in stock. Both companies engage in record keeping services for the health care industry, marking a new era in the methodology of digital records and data storage for Obamacare.

In world news, China continues to experience worker strikes with yet another Honda supply factory going on strike. Tensions continue to rise and as I stated in yesterday's closing blog it is only a matter of time before thousands of other workers follow suit. Expect either country wide strikes, or severe retribution from the Chinese government.

Finally, Ben Bernake is scheduled to testify before the House Budget Committee at 10:00AM EST concerning economic conditions and the federal budget.

Disclosure: no positions

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