Tuesday, August 23, 2011 12:08 PM – Good Market Day So Far

Asian markets were up nicely this morning partly on news that Chinese manufacturing was basically flat, which is an improvement. European markets followed suit but gave back a good bit of their gains. There were actually a couple of European economic reports that were better than expected.

In the US, housing #s were poor, as was the Richmond Fed branch report on their region. Still, stocks are up over 2% so far. We’ll see if that picks up steam or fizzles out.

Gold is off 1.6% after setting a new record overseas while you were sleeping. Gold is very overbought and could use a 10-15% drop before continuing higher. It could be that some hedge funds selling gold are putting the $ into stocks.

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