The Market
Technical
Monday Morning Chartology
The S&P clearly bounced off the down trend off the October highs (a positive) as well as the 1230 support level (a positive) and continued the development of the reverse head and shoulders (a positive). Let’s see how it again tries to challenge its 200 day moving average (wiggly red line).
GLD remains within its intermediate term up trend; but it continues to develop a pennant pattern.
The VIX is once again outside the upper zone of its trading range. That is a positive; but given the roller coaster ride its been on, I don't know how long that will last.
Fundamental
Moody’s unhappy with EU summit, reviewing ratings (medium):
http://www.zerohedge.com/news/moodys-unhappy-friday-euro-summit-review-ratings-warns-multiple-defaults-and-exits-euro-area-co
News on Stocks in Our Portfolios
Economics
This Week’s Data
Other
Our financial system is still overleveraged (short):
http://www.ritholtz.com/blog/2011/12/bailout-total-29-616-trillion-dollars/
Politics
Domestic
Charles Krauthammer on Obama’s campaign strategy (medium):
http://www.washingtonpost.com/opinions/obamas-campaign-for-class-resentment/2011/12/08/gIQApYDagO_story.html
International War Against Radical Islam
Iran practicing closing the Straits of Hormuz (short):
http://www.zerohedge.com/news/iran-military-practising-straights-hormuz-closure
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