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Entries in Global PMI's (1)

Friday
Dec302011

Ahead of the open, (30-12)

Not surprisingly, no concrete explanations for previous days EURO led downside emerged giving market another opportunity to climb back into the black for year.

This was achieved despite not so strong demand (yields first spiked to 7.13%) for the closely watched Italian 3/10yr.bond sale.  ECB came in afterwards to buy and knock yields down and keep them in check around 7%.  Interestingly, a few days ago on the topic of auctions.. . “ If a negative outcome and market sells-off any, it will be bought on the dip.”. Well, it seems the market had this sale somewhat priced in as the market didn’t go any lower. Instead dip buyers started to take the market up the ladder premarket. Another round of solid U.S eco’ (led by housing) provided more lift and a steady correlated (all major indices up ~1%) march into the close.  The highest correlation of stocks since ’87 continued right to the end, even in higher beta small caps as ie, today with majority of stocks between .-5 to +1.5%  on the day. Hopefully, corporate earnings will begin to break this deadlock and stock picking can come back.

The market will make a smooth transition into the first week of ’12 with a slew of events, notably global PMI’s (china flash PMI this overnight).

A Happy & Prosperous New Years’ to all…