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!
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