Photo: helgabj via flickr
Seriously, we’re going to chalk this one up as a huge win for the bulls. For real.But first, the official scoreboard:
S&P 500: -2.13
And now, the top stories:
- It was a very quiet evening overseas. China rallied big in its first trading day of the year. Same, too, with Japan, both of which were playing catch up to the US yesterday.
- In the Europe it was quiet too, but we want to draw your attention to more signs of recovery in this market… UK PMI was strong. And in Spain we saw a surprise drop in unemployment and better than expected deficit numbers from December. It’s slowly looking like the economies of Europe are overcoming austerity.
- In the US, stocks were up strongly in the very early going, although they slipped very soon after the bell. At 10:00 we got a strong Factory Orders reading, though it didn’t move anything. Fed minutes in the afternoon didn’t do anything either.
- Eventually stocks slid, but the real carnage was on the commodities front — all commodities, with precious metals and industrial ones getting drubbed. And because stocks rallied hard relative to commodities, it was in fact a big win for the bulls. Of course the dollar rallied.
- On the micro front, there wasn’t too much new Finance continues to be (relatively) strong. GM reported strong December numbers, and offered a very nice 2011 outlook, lifting the car companies. There continues to be a lot of talk about the debt ceiling.
- For some interesting reading, see Credit Suisse on what China will look like in 2015 >