Asia gained overnight, but European stocks fell, and the US markets are picking up where they left off on Friday.
Technically, Friday was an up day, but it sure didn’t feel that way, as markets gave up huge post-BLS gains to end only modestly in the green.
And now US indices are pointing lower, with several hours to go before trading begins.
And here’s an interesting tidbit from Bloomberg:
S&P 500 options to protect against declines in stocks over the next year cost 22 per cent more than one-month contracts, the highest since 1999, data compiled by London-based Barclays Plc and Bloomberg show. The gap shows concern that analyst estimates for record earnings by 2011 may prove exaggerated, endangering an advance that pushed the S&P 500 up 63 per cent since March.
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