We've got three things weighing on the market here: a less-than-stellar start to earnings so far, the geopolitical situation with Iran that's sort of moving to the front burner, and we've got energy futures up pretty strong this morning. So all three create a situation where investors are willing to take some profits after the fairly strong opening so far this year. |
We've had quite a run over the last three weeks, and I think the equity market is going to have a little bit of profit-taking, especially in light of a no-news day. |
We've never seen a recession without the yield curve inverting, but the corollary is not true: Just because the yield curve inverts does not mean we're going to have a recession. |