Today’s batch of economic data will probably do little in the way of pushing

Today’s batch of economic data will probably do little in the way of pushing investor sentiment in either direction simply because improving jobless claims, more confident consumers and more home sales won’t matter if the country can’t avoid the Fiscal Cliff. The President and Congress were kind enough to cut short their Holiday break in a last ditch effort to strike a deal. Will it be a case of too little too late? We’ll find out in a matter of days. The uncertainty amid thin trading conditions has many market participants hesitant to place any significant bets. The “wait and see” approach seems to be the flavor of the month. To make matters even more interesting, Mr. Geithner has informed Congress that the debt ceiling will be reached as soon as Monday. U.S. initial jobless claims fell 12,000 to 350,000. Consumer confidence numbers and home sales data will be released a little later. The precious complex is mixed this morning. Palladium is the big mover having reached the $700 level, up more than 1% on the day.

Have a great day!