Market Wrap

Dow Industrials 13170.72 -74.73 -0.56% S&P 500 1419.45 -9.03 -0.63% Nasdaq Comp. 2992.16 -21.65 -0.72% Russell 2000 824.20 -5.19 -0.63%

NYSE Comp. 8338.33 -42.54 -0.51% Nasdaq 100 2654.01 -20.56 -0.77% Dow Transports 5182.16 +7.42 +0.14% Dow Utilities 451.49 -1.94 -0.43%

View Major Index charts

Internals were negative on a little lighter volume. Advances/declines were 3 to 7 on the NYSE and 7 to 12 on the Nasdaq, with up/down volume 3 to 7 on the NYSE and 3 to 4 on the Nasdaq. New highs/lows were 47/28 on the NYSE and 39/34 on the Nasdaq.

Leaders — Airlines (+1.41%), Paper (+0.51%), Network (+0.32%), Broker Dealers (+0.28%), Retailers (+0.02%), Hospitals (-0.02%), Telecoms (-0.10%), Transport (-0.20%)
Laggards — Gold/Silver (-2.47%), Oil Services (-1.66%), Natural Gas (-1.37%), Biotechs (-1.12%), Semis (-1.05%), Comp. Hardware (-0.91%), Drugs (-0.87%), Defense (-0.85%)

An extensive visual representation of the day’s winners and losers can be found at Finviz.com.

Treasury Yields — 6 Month: 0.08%,  2 Year: 0.24%,  5 Year: 0.69%,  10 Year: 1.72%,  30 Year: 2.90%

Energy Prices — Crude oil: $86.11/barrel,  Gasoline: $2.60/gallon,  Natural Gas: $3.35/mmBTU

US Dollar Index — 79.925

Precious Metals — Gold: $1696.00/ounce,  Silver: $32.53/ounce,  Platinum: $1612.00/ounce

BMB Note:  
Was yesterday the top of this bounce? Don’t know yet. And every piece of ‘news’ coming out that has the words ‘fiscal cliff’ in it moves the Dow 50 points, up or down. Fun.

In 2015

Gary Kaltbaum:

In 2015, everybody’s going to be talking about one thing and one thing only:

Why didn’t we stop this maniac and his maniacal policies of printing money…and printing money.

…because here is the outcome: We have the Mother of the Mother of Mother of all Bond Market Bubbles. They are sticking a cork into the Bond Market by printing money hand over fist. $85 billion a month!

I don’t think even I can fathom that number.

Investors are forced into things they may not want to do. Bond market yield and price are complete dislocated, completely ripped, and completely manipulated. But if we do know one thing about bubbles, they pop.

Every bubble in history has popped.

—

Write this down: In 2015, the masses will be cursing out Ben Bernanke – maybe earlier than that. And it’s a shame. I don’t know how we got to the point where one person can control trillions of dollars that are not even in circulation and nobody says a word and Wall Street is hush hush.

There’s just a select few on Wall Street that have the grapefruits to blast this guy.

I’m one of them.