(as of 7:15 AM PST)
Yesterday's brutal loss of nearly 2% is being rapidly recovered as investors weigh the continuing drop in oil against sterling economic data in the form of a vibrant retail sales report. It looks to be a very Merry Christmas for retailers as shoppers seem to be converting some of those dollars saved at the gas pump into a pumped up holiday budget. Stocks have recovered nearly 2/3s of yesterday's losses even with Asia and Europe showing some weakness. Oil continues its slide to $60 per barrel while gold is also down nearly 1% on a strong US dollar. The US dollar is up big against foreign currencies after having seen a three session decline. Let us hope that markets can maintain this momentum and get a Santa Claus rally back on track.
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