morning 12-21

Spoos 4 handle range, Euro Stoxx Vix 2 year low, Spanish banks lower as a court rules against them in mortgage scandal, same old worries about Italian banks. In Europe Financial service sector -.86% banks -.6%. In fact 18-19 Stocks sectors are lower. Spain’s stock market Down.9% Italy-.7% Dax unchanged. Swedish central bank Extended QE by sek30 bln and said greater chance that rates will be cut than raised. Dollar is lower by 40 ticks but for no specific reason other than position squaring, holiday markets. Euro +40 and Yen also +40 ticks. Crude oil has a small bid but trading in a very narrow 33 tick ranges. Yesterday’s API storage numbers showed a bigger than consensus draw from Oil Supplies but that is not unexpected for this time of year. Base metals mixed copper +.4%, Zinc -.5% and Gold Up a touch. Very quiet again so far today. ECB QE ends today for the year as they too celebrate Holidays, it will pick up after the first of the year. German Yields are lower and Spain and Italy higher. Let’s see if we can get Dow 20K today.
Existing home sales and Oil numbers today.

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