Grinch move in stocks today so far. Where is Santa? I believe the yen move was the catalyst for the initial move lower in stocks.Overnight their was a report on china.This “beige book “of China growth ( named after Feds beige book),indicated a less then stellar outlook for China.This isn’t new news ,but with all the focus on the fed and other central banks this report reminded markets that growth still isn’t good and might not get good in a hurry. Stoxx 600 in Europe on pace for worse December in 13 years.
Spain holding elections this weekend and markets are worried about the outcome.Current leadership should retain power but how many votes will the anti euro ,anti establishment party receive?
Long time since something positive out Government helped markets and not hurt them.House just passed new spending bill and now moves onto Senate,where likely to pass.Within bill Oil export ban lifted and elimination of country of origin tags on Cattle eliminated.
Oil export ban has been rumored to be lifted but Cl has bid and thus Energy related stocks and ETFs are higher.The elimination of country of origin tag allows for more USA exports of cattle and halts Canada and Mexico’s claims of trade violations against USA.Plus front month live touched 2.5 year low yesterday, so Squeeze the shorts.Live and feeder strong limit up!!
Theme for today’s trade is a holiday theme.it isn’t one shoe fits all ,it is individual markets are marching to own beat. DOW down 220 and yet spooz down 15 points.Commodities higher yet impact on stocks is negligible.