December 22, 2009
ALEA JACTA EST (THE DIE IS CAST)
Big money is moving equity markets higher probably until year-end although volume is light given the season. But volume has been light for months especially on up days while heavy on down days in a sign of nervousness and distribution.
The bullish case remains in place: zero interest rates + a liquidity tsunami + bailouts and subsidies aplenty + peer pressure = rally. It's the "more money than brains" formula and you just need to shut your eyes and go with it as best you can.
Today's poor GDP report, plus revisions, was greeted as "old news", while a better than expected rise in Existing Home Sales trumped that by heralding better future economic reports.
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
|
|---|---|---|---|---|
| 12,454.83 | 1,317.82 | 2,837.53 | 17.45 |
Oil *
106.98
|
|
DOWN
74.92 |
DOWN
2.86 |
DOWN
1.85 |
DOWN
0.14 |
10 Yr
1.74%
SPDR Gold
152.68
|
|
-0.60%
|
-0.22%
|
-0.07%
|
-0.80%
|
Data delayed 20 minutes |
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