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Morning Thoughts December 8

Now the focus shifts to the ECB policy meeting and the EU summit on Friday.  Also, China CPI and PPI are due tonight at 9pm EST.

The sideways shuffle continues…see the chart below of the S&P 500…the last five trading days…

a break in either direction is likely soon….once we get past today's ECB press conference and tomorrow's Merkosy rendez-vous.

We stick with this buy wish-list into year-end once we get a confirmed move:SPY, CAT, OIH, APKT, MMM, EAT

A couple of macro charts for the bigger and longer picture…please understand how important they are for anyone involved in the markets today.  No, you cannot just look at stocks any longer to get a good read…cross asset charts are essential:

Head & Shoulders in Copper

Head & Shoulders in the EUR/USD

German Dax…important support just above the 5000 mark

 

 

 

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