Thu 12/1/11 4:10 PM – Consolidation Day

Nothing much to report today. As is the norm, the market was flat today, digesting yesterday’s gains as they say.

There was not much news aside from company-specific news other than that China’s manufacturing report came in below breakeven, meaning manufacturing there fell slightly last quarter, which is pretty unusual for China. The Chinese have loosened bank reserve requirements which should stimulate lending and more growth. The bears will say that first Europe goes into recession, China slows down, so the US will not be far behind. I don’t think I buy that as of yet.

Also, US first-time unemployment claims ticked up last week but it is only one report and doesn’t reverse the downward trend.