The small amount of economic data today has been negative, perhaps reflecting some effects of the plunge in the price of oil. Jobless claims were the highest in over a month while the Chicago PMI number dropped from 60 to 58. PMI numbers reflect economic activity in different regions and give snap readings of activity in that area. Anything over 50 indicates expansion, so the Chicago number still reflects a vibrant economic picture in that region. The stock market started mildly to the upside but is giving up gains in what is sure to be a quiet boring day of trading as the year wraps up. The biggest story is that oil continues its relentless decline, down another 3%, dropping below $53 dollars per barrel, a far cry from earlier this year when it sold for well over $100 per barrel. Gold is down slightly after yesterday's strong recovery. Interest rates are stable and international news is very quiet. Expect stocks to give up gains as the day continues with little movement either way. We at Miller Financial Group would like to wish you all a Happy and Prosperous New Year!!!
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