Indecision In European Markets.
Tuesday, November 8, 2011. 9.25 a.m. As the concerns surrounding Greece and Italy ebb and flow, European markets have not been much better at deciding whether they’re optimistic or pessimistic about the outcome than global markets further from the scene. While Germany remains in a pattern of higher highs and higher lows since its early [...]

Tuesday, November 8, 2011. 9.25 a.m.

As the concerns surrounding Greece and Italy ebb and flow, European markets have not been much better at deciding whether they’re optimistic or pessimistic about the outcome than global markets further from the scene.

While Germany remains in a pattern of higher highs and higher lows since its early September low, it actually has only managed a 50% retracement of its correction, which is just as often seen as normal in corrections that still have further work on the downside.

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It’s a similar situation with France.

110811f

However, the U.K., which is not a member of the eurozone, has fared better.

110811g

The London FTSE looks more like the U.S. market short-term.

110811h

To read my weekend newspaper column ‘The Entire Global Economy Is At the Mercy of Tiny Greece?’ click here!

Subscribers to Street Smart Report: In addition to the charts and signals in the ‘premium content’ area of the blog this morning, the new issue of the newsletter will be on the Street Smart Report website for you sometime tomorrow.

Yesterday in the U.S. Market.

Weakness in the morning, recovery in the afternoon to close the Dow above 12,000. Volume very light with only 0.8 billion shares traded on the NYSE.

The Dow closed up 85 points, or 0.7%. The S&P 500 closed up 0.6%. The NYSE Composite closed up 0.5%. The Nasdaq closed up 0.3%. The Nasdaq 100 closed up 0.6%. The Russell 2000 closed down 0.2%. The DJ Transportation Avg. closed down 0.1%. The DJ Utilities Avg closed up 0.5%.

Gold surged up a big $35 an ounce at $1,791.

Oil closed up $1.75 a barrel at $96.01.

The U.S. dollar etf UUP closed down 0.1%.

The U.S. Treasury bond etf TLT closed well off earlier highs, but up 0.6%.

Yesterday in European Markets.

Markets in Europe closed down some yesterday. London closed down 0.3%. The German DAX closed down 0.6%. France closed down 0.6%.

Asian Markets Were Mixed Sunday Night and Again Last Night.

The DJ Asia-Pacific Index closed down 0.2% last night.

Among individual markets last night:

Australia closed up 0.5%. China closed down 0.2%. Hong Kong closed unchanged. India closed up 0.1%. Indonesia closed up 0.7%. Japan closed down 1.3%. Malaysia closed up 0.2%. New Zealand closed up 0.3%. South Korea closed down 0.8%. Singapore closed up 0.6%. Taiwan closed down 0.3%. Thailand closed up 2.9%.

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Markets This Morning.

European markets are up strongly this morning. The London FTSE is up 1.8%. Germany’s DAX is up 2.2%. France’s CAC is up 2.5%.

Oil is up $0.61 a barrel at $96.13.

Gold is up $1 an ounce at $1,792 an ounce.

This morning in the U.S. Market:

This week will see very few important potential market-moving economic reports, almost none. To see the schedule of the week’s reports click here, and look at the left side of the page it takes you to.

This morning’s report was that the NFIB’s Small Business Optimism Index rose to 90.2 in October from 88.9 in September.  That’s slightly above its average level since January 2009.

Markets are still mostly focused on Greece and Italy, where hopes are rising again for political changes that might make a difference in how efforts in Greece and Italy to improve their debt crises are handled

Our Pre-Open Indicators:

Our pre-open indicators are pointing to the Dow being up 100 points or so in the early going.

To read my weekend newspaper column ‘The Entire Global Economy Is At the Mercy of Tiny Greece?’ click here!

Subscribers to Street Smart Report: In addition to the charts and signals in the ‘premium content’ area of the blog this morning, the new issue of the newsletter will be on the Street Smart Report website for you sometime tomorrow.

Non-subscribers: Our Seasonal Timing Strategy portfolio is up 13.7%, and our non-seasonal Market-Timing Strategy about 10% so far this year, compared to the S&P 500 being up less than 1% YTD. And we accomplished that as usual by taking considerably less than market risk.

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I’ll be back Thursday morning with the regular Thursday morning post, at 9:25 a.m. (This blog appears every Tuesday, Thursday, and Saturday morning!).

**** End of Today’s post*****

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