The ripple effects of today's disappointing economic data can't be underestimated. However, since this unimpressive data is contrary to the more upbeat markets of the past few days, perhaps it will be short-lived. News that shocks the market contrary to the current trend tends to last only a few days, and often just a few hours. Of course, a disappointing jobs report tomorrow could reverse the more cheery sentiments of the past few days. Only the future knows the futures!
So far here are the ripple effects:
Gold -- sharply higher
US Dollar -- solidly down
Foreign Currencies -- mostly higher
Crude Oil -- Rising Strongly (weaker USD)
Grains -- market not yet open, but likely to open higher on weak USD
Stock Markets -- Down, but I wouldn't be surprised to see a rebound
