Upbeat housing data and better-than-expected corporate earnings

Upbeat housing data and better-than-expected corporate earnings would seemingly lend to bullish sentiment this morning but it feels as if markets are waiting for the other shoe to drop. Reports that housing starts and building permits are at 4-year highs certainly bodes well for our domestic economic picture but the global economic situation is a bit more clouded and perhaps investors are awaiting tomorrows GDP data out of the world’s #2 economy, China, before making any decisions ahead of the U.S. election. Across the pond, Moody’s didn’t cut Spain’s credit rating which boosted benchmark 10-year bond prices and pushed yields down to 5.53%. This helped the euro breach the $1.30 level, now $1.3125. Gold and silver remain relatively unchanged from yesterday’s close with gold trading modestly higher at $1749 and silver up just .2% at $33.030. The PGM complex continues to see support from the situation in South Africa.  Platinum is currently up more than 1% at $1665 while palladium is up nearly 1% as well at $645. Have a great day!