Floating bias

Markets opened with stocks lower by 100 points on the Dow 2 hours into trading.  Europe is back at the forefront of investor’s minds, with another meeting on how to manage Greece’s inability to repay their debt.  Holiday sales were reported as better than expected, but that is apparently not enough to keep stocks moving up.  The Fiscal Cliff is another issue investors have to consider, and Congress has a short month to do what appears to be too big of a task for a group of unhindered spenders working on a budget.   This week is also full of economic reports starting tomorrow with Consumer Confidence, Durable Goods Orders, and Auto Sales.  mortgage bonds opened up higher, and are benefiting from the pressure on stocks.  We will start with a floating bias, and hopes that bonds can push above the 25 and 50 DMA for now.

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