Earlier it looked like the bulls might pull out another sneaky, stealthy win. In the end, though, we’re calling this a loss for the bears.
But first, the scoreboard:
S&P 500: +0.08
And now, the top stories:
- The day began last Friday, when China reported blistering November inflation of 5.1%. That was hot, but… it actually was in line with what folks were expecting. Contrary to some expectations, China did not raise rates over the weekend, and the Shanghai market was off to the races.
- Moving to Europe things were basically quiet. Actually it’s been eerily quiet, lately, on the sovereign debt front, though the name Wolfgang Schaueble has been in the news a lot lately talking about the German stance on E-Bonds, and historically when Schaueble talks it means crisis are coming soon thereafter, so don’t count on the quietness to continue.
- In the early going US futures were clearly higher, with the dollar getting whacked, and all commodities off the races. But as the day went on, we ended up with the mixed outcome, and a pretty solid fall on the NASDAQ. Netflix was a very big loser on the day. Gold and silver both had huge days, and thanks (perhaps) to China’s loose-money stance, the industrial commodities like coppers when nuts. After selling off early, much-hated Treasuries finally caught a nice bid.
- The NASDAQ had a nice winning streak going into today, and that came scratching to a halt.
- One key event of the day was a judge in Virginia ruling unconstitutional mandate portion of Obamacare, which if upheld — still a long way off — would destroy the whole plan. Healthcare stocks briefly rallied n the news.
- For more big thinking, see Danske Research’s 5 huge economic themes for 2011 >
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