(as of 6:55 AM PST)
Markets are mixed at the open, which is a bit of a relief after the last couple of days of decline. News on the plus side is talk of a major corporate merger of chemical giants Dupont and Dow. The downside news was a big miss for Costco on the earnings front. International markets took their cue from the US and were generally down, both in Asia and Europe. Japan's 1% decline was particularly notable, since durable goods orders surged by over 10%. It seems that the glowing report means that economic stimulus might be cut back, another 'good news is bad news' story so typical of investor reaction over the last year. The US dollar is coming down from lofty heights, off against most other currencies and providing a boost for the commodity sector. Precious metals are higher, while oil seems to have found a bottom, with US stockpiles showing a decrease. We're still looking for that Santa Claus rally, a hallmark of the season for the last few years.
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