SCOREBOARD: US precipice

Markets were belted on both sides of the Atlantic as concerns over Washington's fiscal cliff sparked a sharp sell-off.

Now that is much more like it! Here I was worrying that the fiscal cliff would come to nothing and bang – crude tumbles and stocks belted both sides of the pond. The fiscal cliff is being cited as the cause. It’s only one night I realise and indeed moves only offset gains of the previous session. However, and as Eureka Report subscribers will be aware, I’m hoping it represents the first of many sessions ruled by the kind of outrageous hysteria to which we’ve become accustomed. Investors have to make money and the fact is these episodes always present a fantastic opportunity for an otherwise range bound Aussie market. So here’s to hoping Congress can put on the best show the world has ever seen.

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