Well, how do you follow up the best day of the year? With another huge day, and I abhor the term, but Im sure the media will call this the start of the Santa Claus Rally.
The Dow was down 99 points, rallied up 249 points, and then it fell to earth, back into the abyss, finishing the session down 111 points. The only constant was volatility
A week ago, powered by strong jobs numbers bond yields began to rally, but since then, it is back down and is gaining momentum. Obviously, there is a knee-jerk move into bonds that has paid off for years; but is there another message?
So, Washingtons odd couple shared the same gabardine to protect their turf and power. John Boehner and Barack Obama, heretofore we'll call "The Establishment."
Sure, its basic supply and demand; there are more sellers than buyers. However, what is really driving this meltdown of black gold is that a few months ago, it was supposed to head towards $150, as people worried that ISIS terrorists would conquer Iraq and Syria.
Okay, so the report is out (or at least the abridged version) of the Central Intelligence Agencys (CIA) interrogation methods employed after 9-11. The Senate Intelligence Committee hit the spy agency hard saying things like waterboarding, sleep deprivation, and tight confinement did not yield any unique information.
There is a fair amount of speculation about why winners like Apple have been under pressure; some think its to help cover margin calls associated with free-falling oil.
I realize China posted some ugly economic data overnight, and recently launched into a money printing scheme to pump up its economy, but they have been on a 30-year mission, and it is remarkable. If America thinks China will derail, then it is making a gigantic mistake.
Some historians point to the Chicago Worlds fair in 1893 as the launching pad for mass consumerism in America, and it took off after WWII.
We have discussed at length the virtues of cheap gas, but in fact, it is simply not the economic elixir many are hyping it up to be.
Members from the Business Roundtable met with President Obama to air a number of grievances, including frustration and confusion over the administrations lawsuit against Honeywell for enforcing a key plank of the healthcare law.
PNC Christmas Price Index (PNC CPI) released its annual cost to fulfill The 12 Days of Christmas, and while it is not cheap, the price did not increase that much from last year.
The big news continues to be the fall in oil, which gained even more downward momentum when Saudi Arabia pushed back on a proposed production cut at the Organization of Petroleum Exporting Countries (OPEC) meeting last Thursday.
The biggest news for the United States stock market and American consumers happened on Thanksgiving in a far off desert kingdom. Saudi Arabia has taken the big gambit of not cutting production which means downward pressure on oil will continue, and that means less revenue for them.
The discussion about capital, and how to stem the flow of all the money going to the top, is all the rage these days, and will only dominate our daily conversations more as we move toward the next presidential election.
The spread of wealth or income inequality dominates the political scene around the world (see Hong Kong or ask Mitt Romney) and Ferguson will be a major part the conversation during the 2016 election.
It's easy to blame the system or capitalism for widening income inequality and other ailments of the economy, but it's also a luxury to protest on a full stomach.
China is a victim of its own success and must keep the engine roaring, even if it means a deadly battle with inflation at some point.
Once again, the evidence points to a reinvigorated consumer as retail earnings are shattering consensus across the board.
Although the vote could be seen as political theater since President Obama vowed to veto the bill, it was a good test of Washington DC- which failed.
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance: William's Edge Webinar for December 19th, 2014 | John Ransom
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NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for December 15th, 2014 | John Ransom