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Wednesday, December 24, 2008

Christmas Eve Update

New unemployment claims are at a 26 year high, at 586,000, up from 556,000 last week. Durable goods orders dropped 1%, less than analysts expected, who always seem to be wrong. Oil has dropped below $37 as demand continues to drop. With another blizzard of bad news, you would expect the market to tank, and, well, it hasn't. Of course, today being a half day of trading, and all the big money managers gone to Aspen with all the money we pay them for losing 40% of our 401k's, don't expect much volume, which means a lot of market maker shenanigans can go on. Anyway, the TNX is up, TYX is down. Consumer discretionary is strong today, energy weak, with the other sectors marginally in the green.

There aren't any breakouts so far, the new highs are the usual suspects we've been seeing for the past few days. There are no companies scheduled to report today, earnings sheet or otherwise.

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