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Commentary for 12/13/2018

Altavest Commentary for 12/13/2018

Asian markets settled higher. The Nikkei 225 rose +0.99% and the Shanghai Composite climbed +1.23% as U.S./China trade tensions appear to be thawing.
As expected, the ECB left rates unchanged and are bringing an end to its quantitative easing program. European equities finished narrowly lower. The DAX edged down -0.04%. Yields on 10-yr. Bunds were higher at 0.283%.
Initial Claims for 12/07 fell back to 206K. November Import Prices dropped -1.6% and Export Prices fell -0.9%. The November Treasury Budget showed a deficit of -$204.9B, an amount completely outside the consensus range.
Yields on 10-Year Notes were flat at 2.193%. The US$ Index held steady near the top of its range. February gold eased down -0.2% to $1,247.40. January Crude reversed early losses and jumped up +2.8% to settle at $52.58.
It was a day of multiple sharp moves in both directions. Equities began the day higher but quickly settled into a pattern where a market trending lower was met by sharp reversals higher and a market trending higher was met by sharp reversals lower. Bulls and bears fought to a standstill and markets closed modestly lower.

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