Global markets are ticking higher yet again and the Santa rally remains in tact. We closed at fresh yearly highs on the S&P yesterday and traded through 1120 intraday. Let’s see if we can break through that level and close there today.
Gold is soft yet again and refuses to start a rebound, oil is back up to around $75 and I’m putting some SLB away today.
TBT has been on a great run, and anyone who is waiting for the Fed to move has missed the boat on that one. Rates move without the Fed and they can’t manipulate the long end anyway.
There will be no shortage of data today so stay on your toes. Have a great day.
Wednesday, December 23, 2009
Economic
08:30 Nov Personal Income (last 0.2%), Nov Personal Spending (last 0.7%), Nov PCE Deflator y/y (last 0.2%), Nov PCE Core (last m/m 0.2%, y/y 1.4%)
09:55 Dec Final University of Michigan Confidence (last 73.4)
10:00 Nov New Home Sales (last 430K, m/m 6.2%)
10:30 DoE Crude Oil/Gasoline/Distillate Inventories
11:00 Treasury note announcement
15:00 Aug Consumer Credit (last -$21.6B)
15:30 Mexico Nov Unemployment
Events
04:30 BoE Minutes. BoJ Minutes. MBA Mortgage Applications (7:00, last 0.3%). Trades Ex-dividend: PM $0.58.
Earnings
Before the Open: AM.