Dec 21, 2012

The market is up 21. SFE Futures were up 16 this morning.

Dow Jones was up 60. The Dow was down 36 at worst and up 63 at best as fiscal cliff discussions continued in Washington and US economic data was slightly better than expected. Republican Speaker John Boehner said that the President and the Democrats have not done enough to avoid falling off the fiscal cliff. Boehner touted his proposal, which narrowly passed a House of Representatives vote after the market close in the US but will be vetoed by the White House. Gold, Metals and US bond yields all downUS September quarter GDP came in at 3.1% which was better than the forecast of +2.8% and the previous reading 2.7%. Jobless claims were up by 17,000 to 361,000 last week. The Philadelphia Fed business activity index was up from -10.7 to +8.1 in November which was better than the forecast of -3.0. Existing home sales were up by 5.9% to 5.04 million units — the fastest pace in three years. Best sectors — financials, telecoms, materials. Worst sectors — technology, consumer discretionary. European markets mixed — UK FTSE down 0.05%, German DAX up 0.05%, France up 0.06%, Spain flat, Italy up 0.41%. The FTSEurofirst 300 index was up 0.1%. Metals down — copper down 1.96%, nickel down 0.98%, aluminium down 1.09%, lead down 0.63%.

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