The change in commodity prices and the $USD was expected. In last Monday’s Daily Report (Nov. 26), I wrote, “The rebound rally is clearly underway to begin the week. The rally has continued from Friday morning in equities and Crude Oil and from Wednesday for Gold and Silver. My only surprise is that the gold price is so strong. Spot Gold this morning is presently (7:15am ET) at 833.10, which is down from the 836.80 high at about 5:30 am.”

Today, equity markets ex-India (+1.24 pct) closed almost flat in Asia and are presently neutral to moderately bearish across Europe. The weather is not expected to change until the economic controllers of the G-7 (Fed, BoE and ECB) report their monetary policy decisions on Tuesday afternoon and Thursday morning (ET).

December DJIA futures are presently (7:00am ET) up +2 at 13420, but at this time last Monday were at 13045.

The USD futures have opened flat this morning against the Euro. At 7:00am ET, the Euro is up +0.0008 pct to 1.4651. A week ago at this time, the Euro was 1.4857.

At 7:00am ET Jan-08 Crude Oil (e-MiNY) futures are 87.975/bbl. Exactly a week ago at this time, the contract was trading at 98.425/bbl, having been up to 99.10 at about 5:00 am that morning.

Spot Silver is at 13.82 (7:36am ET), down from 15.00 at 5:30 am Nov 26, one week ago. Precious metals prices are weakening.

Comments & Outlook

A week ago in this report, at the very time Gold was setting new record prices in spot and futures markets, I wrote, “The mid-November pull-back in Gold to 775-785 was tepid to say the least. I had been expecting a pull-back, covering at least a month or two, to the 720-750 level. It appears that the continued move (at this point) into fixed income and gold are both flight-to-safety moves, from concerns traders have in the global financial system.”

Now, the move to depress the precious metals prices, aided and abetted by Goldman Sachs, is, as I see it, setting up the buying opportunity of a generation.

Anne Picker, Chief Economist at Econoday, covers a lot of ground in her Weekly Perspective report (see link below), which I recommend.

This will be a very busy week on the economics calendar.

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International Economics Review

US Economic Calendar.

Econoday International Perspective.

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International Equity Markets Review

Europe

Here is the latest session data for the bourses of Europe.

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Here is the latest session data for the London stock exchange FTSE.

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Here is the latest session data for the German DAX.

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Here is the latest session data for the French CAC 40.

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Here is the latest session data for the Milan Italy stock exchange MIBTEL.

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Here is the latest session data for the Swiss market index.

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Asia-Pacific

Here is the latest session data for the Asia-Pacific stock exchanges.

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Here is the latest chart for the Japanese Nikkei 225 index.

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Here is the latest chart for the Singapore index .

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Here is the latest chart for the Shanghai Composite index .

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Here is the latest chart for the Hong Kong Hang Seng index .

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Here is the latest chart for the India BSE 30 index .

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Here is the latest chart for the Australian All Ordinaries index .

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US and the Americas

Here is the latest session data for the exchanges of the Americas.

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Here is the latest chart for the Brazilian Bovespa stock exchange in Sao Paulo.

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Here is the latest session data for the Toronto Stock Exchange composite index.

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US Equity Markets Review

DJIA (interactive) chart

NASDAQ Composite (interactive) chart

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Oil Review

Here is the e-miNY Jan-08 Crude Oil chart.

Interactive Chart of Daily Crude Oil:

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Gold & Precious Metals Review

Spot gold chart for the week

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Spot silver chart for the week

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Forex Review

Here is the chart of the week’s trading in the $USD.

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Wrap up:

Thank you to all the new members of this community who are freely participating in the Discourse. As you can tell, there are members from all over the world. Your ideas, opinions, experience and expertise are welcome here. Nobody here will take offense to your inability to speak/write in a second language. Just having you here is important.

About that point, I’d like to see participation from those who reside in or follow the Russia market, the Singapore market, the Mexico market, and all the other bourses of the world, so that we can build a collection of the truly best companies in each market, for all to see.

By staying connected 24 hours a day from around the world, we can work toward a greater understanding of capital markets, with immediate benefits in our personal portfolio performance.

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