Stocks are higher today, not enough to make up for yesterday’s drop. Yesterday was only the second down day in the last two weeks but hey you can’t go up in a straight line. We have had our Santa Claus rally. We’ll see what January holds. January and February are traditionally good months for stocks.
Gold is lower again today, now off 18% from its summer high. The US dollar is higher. European and Asian stocks are higher and bonds are mixed. Italy had an OK auction on 10-year bonds, lower than last auction but today’s rates near 7% are still much too high for comfort.