Hello traders everywhere! Jeremy Lutz here with your mid-day market update for Wednesday, the 19th of December.
The optimism that fueled yesterdays rally turned to uncertainty today as traders take a breather. Traders are keeping a close eye on developments in Washington, as U.S. government continues to work toward an agreement to avoid the looming fiscal cliff.
While signs of progress toward a compromise helped to drive stocks higher earlier in the week, traders may be waiting for more concrete signs of an agreement.
On the economic front, the Commerce Department released a report before the start of trading showing that U.S. housing starts came in below economist estimates in November.
The report said housing starts fell 3.0 percent to an annual rate of 861,000 in November from the revised October estimate of 888,000. Economists had expected housing starts to fall to 865,000 from the 894,000 originally reported for the previous month.
At the same time, the Commerce Department said building permits rose 3.6 percent to an annual rate of 899,000 in November from the revised October rate of 868,000.
Let's see what the Trade Triangles say about the markets today.
Every Success,
Jeremy Lutz
