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The Pain Trade

Daily Recap

Another quiet day as 1) the holidays are upon us and people have better things to do and 2) anybody who wanted to buy (mostly) or sell after the election has already done so.  A number of US reports were out today, most with good news.  Perhaps the best was a 3rd quarter GDP number of 3.5%, stronger than the 3.2% expectation.  Keeping the economy running at that pace is the challenge, so there will be a lot of interest when the 4th quarter number comes out.

Asian and European stock markets were mixed, with few big movers.  Concern over banks in Europe continues to be a main feature, as Italy bailed out one of its oldest and largest banks, to the tune of $21 billion.

Crude oil was up slightly, to $52.65.  The dollar was about unchanged vs. its major competitors, and bond prices were quietly mixed.  The 10-year T-note finished ... Log in or subscribe to continue reading.

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