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Letter from the City of the Future

Daily Recap

Oil has basically been in a bottoming process for the last few months, with recent lows not significantly below where the waterfall collapse left prices back in August. Until this bottoming process finally ends, or is overshadowed by other events, the markets continue to take their cues from daily oil prices. Today, oil was down over $1/bbl. on hints of continuing over-supply.

 

European stocks swooned as a result, as did "commodity currencies" such as the ruble - which hit an all-time low. Commodities themselves were mostly lower. Gold is down $7/oz an hour from the close; silver down 6 1/2 cents, and XAU is down over a point. None of this means a whole lot in these last days of the year, when hopefully daily movements are of little concern to you.

 

Stock market indices in the US are down about half a percent, a rather modest amount. Not surprisingly, the stocks ... Log in or subscribe to continue reading.


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