Well….that about covers it for today. Not really, but you get the general idea. Christmas is truly upon us and this will mark the last real trading day of the year and not soon enough in my humble opinion. It’s been an interesting year and 2012 promises to be equally so. It is now time to take a deep breath, relax and regroup.
With regard to overnight news, little if any to really go by including a slow Asian session with Japan out on holiday today. So that leaves the day ahead relatively quiet and devoid of any real movement.
US equities will likely maintain their current strength but shouldn’t overextend too much. The same can be said for the major pairs as position squaring (assuming there is any left to be done) will be the priority today. Clips of 50’s and 100’s going through the market will be enough to push things around as order books are devoid of any real activity, but even these tickets will be few and far between.
On the data front we have practically nothing out apart from some potential jaw boning from various officials and US Core durable goods orders.
This will be my last update until next Tuesday or Wednesday as I retire for my own version of Christmas catatonia and wish all of you out there a very prosperous, happy and peaceful festive period.
Ken Veksler,
SAXO BANK