Market investors feel confident enough to jump in and see if they can test the SP500 resistance at 2040 and it will be interesting to see the results. Gold and the U.S. dollar are stable and trading sideways. Dr. Copper has fallen to multi-year lows and place additional doom and gloom on China's so-called recovery plans. Some analysts are expecting the averages to close off the session highs near the unchanged line.
Here is the current market situation from CNN Money
North and South American markets are mixed today. The S&P 500 is up 0.58% while the Bovespa gains 0.44%. The IPC is off 1.14%.
The New York Federal Reserve's gauge of manufacturing activity in the region fell deeper into contraction territory in November. The gauge rose to -10.74 in November from -11.36 in October. Wall Street expected a bigger rebound to -6 during the month. Readings above 0 point to expansion, while those below indicate contraction.
$NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages.
(Reuters) - Marriott International Inc will buy Starwood Hotels & Resorts Worldwide Inc for $12.2 billion to create the world's largest hotel chain with top brands including Sheraton, Ritz Carlton and the Autograph Collection.
RINGASKIDDY, Ireland (Reuters) - Drugmaker Pfizer's plans to take over Allergan have faced a political backlash in the United States over fears a deal would lead to the company shifting its headquarters and taxable profits to Ireland.
LOS ANGELES (Reuters) - Taco Bell said on Monday its more than 6,000 U.S. fast-food restaurants would stop using eggs laid by caged hens by Jan. 1, 2017, years ahead of the deadlines set by its bigger rivals.
(Reuters) - Warren Buffett's Berkshire Hathaway Inc on Monday said it reduced its stake in Goldman Sachs Group Inc by 13 percent during the third quarter, paring a successful investment it made during the height of the global financial crisis.
(Reuters) - Intercontinental Exchange Inc , the owner of the New York Stock Exchange, said it would buy commodities trading platform Trayport from BGC Partners Inc and GFI Group Inc for about $650 million in stock.
It would appear The ECB has undertaken the same baffle'em with bullshit meme the rest of the world's central planners have embraced. Speaking this morning (this time not to a private hedge fund group), The ECB's Benoit Coeure stated unequivocally that "The ECB doesn't see overvalued asset prices." Well that's nice, apart from the -38bps yield on German 2Y notes. But then... to lull investors from their stupor, Coeure unleashed, "The ECB does see "little bubbles" in some markets." Which ones we can only wonder as they prepare to buy Muni bonds...
*COEURE SAYS ECB ISN'T BLIND TO POSSIBLE SIDE-EFFECTS OF POLICY
*COEURE SAYS ECB DOESN'T SEE OVERVALUED ASSET PRICES
*COEURE SAYS ECB SEES 'LITTLE BUBBLES' IN SOME MARKETS
Gold Remains â€œBest Insurance For A Crisisâ€ - Ficenec
â€" â€œFuture is uncertain and gold is the most effective insurance against thatâ€
â€" As fears grow about outlook for global economy â€" long term attraction of gold remains
â€" As â€œcentral banks race to devalue currency,â€ private individuals are buying record amounts of gold
â€" â€œGold is simply the best insurance against inflation, or deflationâ€
Editorâ€™s Note: The tragic events in Paris, terrorism and war throughout the world, show geopolitical risk remains high. These risks will likely impact economies and financial markets and will see continuing safe haven demand for gold
The price of gold might be falling, but private individuals are buying record amounts of the precious metal, and as fears grow about the outlook for the global economy the long term attraction of gold remains according to John Ficenec in The Telegraph today.
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