Economics Update

Well, the Institute for Supply Management, released its manufacturing index: 32.4 in December, a 18 year low. Europe , Russia, China, and Australia had similar declines in similar indices.

In currencies, the dollar strengthened against both the Euro and Yen, while the Pound continued its slide.

Meanwhile, in energy, oil is above $46/bbl, and retail gasoline prices rose for the 3rd straight day.

An interesting side note to this is that they are adding 12 million to the strategic petroleum reserve, which implies to me that someone there thinks that we are near bottom, and that it is a good time to buy.