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Markets are choppy today as investors navigate an environment which is showing some signs of fragility.

  • Ford reported a quarter that is likely a fairly good barometer of the global economy.  Rising input costs, weak European sales, but generally stronger growth in other markets.
  • Spanish and Portuguese borrowing rates are near their all-time highs again.  Bond vigilantes are pushing the ECB to its limits here.  Is there enough political unity in Europe to keep the Euro together?   The Euro is trading down 1%.
  • Chinese markets were up marginally overnight, however, remain just near their 3 month lows.  As a fairly reliable leading indicator this remains a primary concern.
  • Technology stocks are getting hammered on the back of Amazon’s earnings.  Margin compression is becoming a very real concern in more and more sectors.
  • GDP was solid, however, we’ve entered a market environment where expectations are extraordinarily high now.
  • The VIX is trading higher by 19%.  Is investor complacency coming home to roost?

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