Yesterday's gain set to be erased
The S&P 500 rose 27 points in the first trading day of the year yesterday. It will be a case of easy come, easy go at the open with futures pointing to a 31-point decline on Iran tensions and fears.
The overall market reaction will be skewed with oil, gold and defense stocks likely higher while some of the high-flying tech names will be more vulnerable.
I'm skeptical that this is the event that derails stock markets and I would expect to see the usual dip buying. it's already helped to lift futures to 3228 from a low of 3208.
