SCOREBOARD: Unquenchable thirst

US markets slipped but this seems insignificant in the post-cliff rally. Even lacklustre earnings expecatations appear unthreatening.

It wasn’t a particularly busy session, but stocks were weaker anyway – with about an hour to go, the S&P 500 is down 0.4 per cent (1460), the Dow is 56 points lower (13379), while the Nasdaq is 0.3 per cent lower (3091). There’s no signal in that I wouldn’t think. It’s the first session in about a week we’ve seen stocks come off and it barely dents the post fiscal cliff rally. So I’m not sure we can really say there has been a loss of momentum or anything at this stage. Buyer fatigue maybe.

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