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Snowbound Investors: Dave's Daily

Did it snow in Portugal, or was their bond auction just a snow job? Bill Gross opined that recent eurozone bond sales aren't auctions but prearranged sales with much put back to the ECB.

In short, the ongoing micro-managed market by global central banks continues, cheered on by talking heads and with little volume.

Agricultural commodities rallied on bullish crop reports and oil rallied sharply. (No worries about this since food and energy are just not in the inflation data. Whew!)

Other commodities rallied as well and the dollar fell with Portugal's bond sale.

Wells Fargo raised its recommendation on its own bank group suggesting more dividends in store. (It's becoming too easy to make this stuff up!)

The Fed Beige Book reported continuing growth that was "encouraging" despite a depressed housing market and noting producers are paying much more for materials. The latter will be inflationary, but like most things, worried about down the road.

Sure, the snow storm forced many in the east to stay home but we're all connected now aren't we? Anyway volume was again holiday light while breadth per the WSJ was quite positive.

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