SCOREBOARD: Crude reality

The fiscal cliff continued to drive US markets, while key commodities fell despite good news on US oil.

Not a lot in this session given the Veteran’s Day Holiday. Bond markets were closed and stocks bounced around zero (on light volumes) – key commodities fell just through. Certainly there was no real change to the market drivers – the fiscal cliff! On that front the meetings continue and the latest I’ve heard is that Republicans are softening their tone on increases in tax revenues forming part of the deficit reduction plan. As long as tax rates aren’t increased.

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