Attributed to investor excitement in a possible extention on the deadline for Iraq, the Dow jumped 269 points today (3.6 percent). To put that in perspective to those who don't regularly follow the Dow, an average day may see a change in the range of 6-to-8 tenths of a percent, while a good day might move by 1 - 1.5 percent. So, as you can imagine, a jump of 3.6 percent is huge.
Without doubt, I’m happy about this blip-in-the-right-direction. But, I have a feeling that it’s just going to be short-lived. The investment community, especially on a day-by-day basis, can be notoriosly fickle. So, if we move closer to war (which I expect may happen), I wouldn’t be surprised to see these gains trickle away.
Analysts noted that many investors may not want to be exposed ahead of the weekend, so Thursday’s rally may at least partially unwind Friday.
Investors will also weigh reports on producer prices, industrial production and consumer confidence. Much smaller gains are forecast for wholesale prices and industrial output, while confidence probably fell, according to economists surveyed by Briefing.com. […]