Closing Brief

The market closed with very moderate declines. This is the first Christmas Eve since 2007 that we closed lower. A sign? Bears should be seeking a major snap lower <sp'1400, more likely on Thurs/Friday, than Wednesday.


dow'60min

sp'60min

trans'60min

Summary

As I have said all along, no fiscal cliff agreement would be reached..until AFTER the market gets whacked. It happened in 2008 (TARP vote'1), and last summer - with the debt ceiling debacle.

The political maniacs are reactive, NEVER pre-emptive... well, except when its comes to invading other sovereign nations, ;)

I would honestly be utterly bemused and shocked if some 'magical' agreement is announced within the next 3 weeks. Instead, it still looks like NOTHING will be agreed until late January...if at all.

*a wrap up on the bigger daily charts later..and then thats it until Wednesday.

For those not checking up later...

Merry Christmas...from London City.