U.S. equities ride a roller coaster off of fiscal cliff headlines. Senator Reid tanked the markets yesterday. Global markets took that cue and headed lower as worries over the fiscal cliff mounted.

The DOW was off nearly 100 points in the first hour of trade. Then John Boehner came out and said that he was optimistic a deal can be reached. This coinincided with indices touching down on the 200 moving average. Markets then reversed and road the roller coaster up a 100 DOW points.

Currently the DOW is up 79 points.

Gold and oil are getting slammed.

Market Update

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Time to poke at Senator Reid

DOW OFF 88

S&P OFF 7

NASDAQ OFF 9

WTI down $0.55

Gold down $8.30

[youtube://http://www.youtube.com/watch?v=y5tOpyipNJs 450 300]

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“Today we are analyzing the SPDR S&P 500 (NYSEMKT: SPY) as the most liquid of all ETFs covering the broad market. The markets have digested regional Fed data, housing data, and a strong consumer confidence reading. Volume also still feels a bit low and the charts seem to be the guiding force as markets try to adjust from watching each number to watching out how easing measures will continue to play into the markets into 2013. And that Fiscal Cliff issue remains… tick, tock.

For Tuesday’s chart analysis, Phil Erlanger said…”

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U.S. equities got off to a negative start despite some good news from Europe and here in the U.S.

Markets are not impressed with better than expected durable goods, a Greek debt deal and Richmond manufacturing data; however the markets have now pared all losses to scratch back to the unch line.

For the most part markets are primarily focused on any progress on the fiscal cliff….which at this point appears to be in deadlock given there is still a few weeks left until we go over it.

Europe closed mixed, oil and gold is flat, the Euro is down a smidgen and the dollar is currently having a bull / bear tug of war between 80 and 80.50…currently at 80.35

Market update

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“China’s stocks fell, with the benchmark index closing below 2,000 for the first time since 2009, as the value of shares traded slumped to the lowest in four years. Material and health-care companies led losses.

The Shanghai Composite Index (SHCOMP) dropped 1.3 percent to 1,991.17 at the 3 p.m. local-time close, its lowest level since Jan. 23, 2009. Shares worth 33.1 billion yuan ($5.3 billion) changed hands in the measure yesterday, the least since Nov. 7, 2008, while data showed that the number of A-share trading accounts that made transactions last week fell to 5.6 million, the lowest for a five-day week since at least January 2008.

“Investors are voting with their feet,” Zhang Ling, general manager at Shanghai River Fund Management Co., said by phone. “Regulators need to roll out policies such as encouraging more investments in the biggest stocks to restore investors’ confidence.” ”

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U.S. equities give back some ground after a week of Turkey God driven rally.

Currently, the DOW is off 10o. Most of the downside can be attributed to continued worries over the fiscal cliff and that Europe is meeting for a third time to try and resolve the Greek financing problem. Everyone in Europe except the Greeks are against writing down debt.

Spanish elections in Catalonia have elected  the independent party which is causing some speculation as to the future of bailing out Spain as a whole. This has caused European markets to accelerate to the downside.

Market Update

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“Most emerging-market stocks rose after Taiwan said it’s considering ways to bolster equities, speculation increased that Japan will boost stimulus efforts and euro-area finance ministers prepared to meet on Greek aid.”

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“U.S. stock-index futures fell while European shares dropped after their best week this year as American leaders prepared to wrestle with a budget agreement and European finance chiefs meet on Greek aid. Treasuries rose for the first time in a week.

The Stoxx Europe 600 Index lost 0.4 percent at 6:45 a.m. in New York after the gauge surged 4 percent last week. Futures on the Standard & Poor’s 500 Index declined 0.3 percent, after falling as much as 0.6 percent. Treasury 10-year yields fell three basis points to 1.66 percent. Gold snapped a three-day advance, while soybeans extended the biggest weekly gain in three months.”

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“U.S. stock futures rose after German business confidence unexpectedly climbed, signaling the Standard & Poor’s 500 Index will extend its biggest weekly gain in five months as markets open after Thanksgiving.

Best Buy (BBY) Co. added 1 percent in European trading as U.S. retailers hold Black Friday sales. Apple Inc. gained 0.8 percent. Kinder Morgan Energy Partners LP (KMP) advanced 1.9 percent after saying December crude shipments on the Trans Mountain pipeline are oversubscribed by 70 percent.

S&P 500 (SPX) futures expiring in December rose 0.2 percent from the Nov. 21 close to 1,390.4 at 7:24 a.m. in New York. The index has gained 2.3 percent this week, the biggest increase since June 8. Contracts on the Dow Jones Industrial Average advanced 22 points, or 0.2 percent, to 12,822 today.

U.S. equity markets were closed for the Thanksgiving holiday yesterday and will be open for a half day today.”

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The Turkey Gods have favored the bulls this week. Despite no settlement for Greece the Gods were kind enough to turn red into green in Europe while maintaining digestion after Monday’s MONSTER RALLY.

Currently U.S. equities are up between 0.5-.24%. Much better than what it could be considering the huge wall of worry.

Market update

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[youtube://http://www.youtube.com/watch?v=jC1jZAInGIY 450 300]

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Investors buy up the Nikkei with advances decline line standing at 3:1. All this excitement comes from a weaker Yen and the expectations the Yen will get weaker based on horrible trade deficit data.

Nikkei

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Today’s trading was dictated by headlines. Bulls were looking for follow through after yesterday’s monster rally. Over sold conditions were ripe for follow through.

Investors sat on the sidelines as robots pushed the markets in circle jerk fashion. Bernanke made a speech today putting the politicians in place to get the fiscal cliff resolved. He said that the Fed does not have the tools to offset a falling off of the fiscal cliff.

The DOW fell 100 points on the speech only to pare losses by the close.

DOW off 6

S&P up 1

NASDAQ up 0-.67

WTI down $2.24

Gold down $6.9

The story

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“Stocks around the world snapped the longest losing streak in almost a year on optimism a deal can be reached to avoid automatic U.S. spending cuts and tax increases. Oil led commodities higher. The dollar and Treasuries fell.”

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