SHORT TERM: US markets remain closed, DOW (YM) +68
Overnight the Asian markets lost 0.9%. European markets opened higher and closed +1.1%. US index futures declined further overnight, but rebounded into the early morning close: SPX (ES) +8.5 and NDX (NQ) +11.75 from yesterday’s close. US cash markets remain closed due the aftermath of Hurricane Sandy. Markets hope to open tomorrow. At 9:00 Case-Shiller housing prices were reported higher: +2.0% vs +1.2%. Bonds lost 4 ticks, Crude rose 35 cents, Gold added $3, and the USD was lower. Most of these asset prices are now about unchanged from friday’s close. Tomorrow: the ADP index at 8:15, and the Chicago PMI at 9:45. Be safe!
MEDIUM TERM: downtrend highly probable
LONG TERM: bull market