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Markets Rebound to Close Losing Week: Dave's Daily

Fed governors are out on the stump making speeches and arguing publicly regarding current and future monetary policy. Fisher says no more QE as does Lockhart (for now). Meanwhile, Bullard and Evans want QE now. Bullard's comments were interesting since it seemed he wanted QE now based on what he perceives as weakening inflation.

Most market moving news Friday was negative frankly. China continues to put out disappointing economic data. State-owned enterprises (always a scary description) reported a decline in profits and banks "misstated" default exposure by over 20%. In the U.S., New Home Sales disappointed (313K vs 325 expected & prior revised lower to 318K) which isn't what bulls (ITB & XHB) hoped for obviously.

Rumors of a coup in China have been dismissed out of hand (see Stratfor.com); other rumors had Israel in "mobilization" while the WH quickly released a note stating Iran is far away from nukes, and those pesky "we want a hand-out" North Koreans launched another missile.

Oil (USO) rallied sharply on the Israeli rumor, stocks turned around and rallied modestly to close a losing week; bond prices continued their oversold rebound (IEF & TLT); gold rallied (GLD) as the dollar (UUP) resumed its decline in the trading range; and, commodities (JJC & DJP) rebounded slightly with the weaker dollar.

Leading stocks featured financials (XLF, KBE and KRE) once again and industrials (XLI) saw some buying as Caterpillar (CAT) rallied after recent severe losses. Tech (XLK & QQQ) was flat for the most part held back by losses in Micron (MU) and consumer discretionary (XLY) gained even with heavy selling in Nike (NKE).

Volume on this mini melt-up was holiday light once again. Breadth per the WSJ was positive. The last 15 minutes of trading featured traders squaring-up and ETF issuers matching-up.

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