06 December 2012

SP 500 and NDX Futures Daily Charts

AAPL caught at least a dead cat bounce today. We will have to see if it continues and proves to be something else.

Traders are starting to talk optimistically about a Santa Claus rally. They see Senator Jim DeMint leaving the Senate as a sign that the impasse over the budget is thawing. I was surprised to see a standing Senator step down like this to take a private sector position with what is essentially a lobbying organization.
"Gov. Nikki Haley of South Carolina, a Republican, will now be compelled to appoint a successor who would then run to maintain the seat in a special election in 2014, when Republican Senator Lindsey Graham, the senior senator from the state, will also be up for re-election. Aides said that Ms. Haley was surprised by Mr. DeMint’s sudden announcement."
Non-Farm Payrolls Report tomorrow. We may see another light number compliments of Hurricane Sandy.

FOMC meeting next week.