Recap 12-19-11

Main Items:

  • The GOP rejected a bipartisan Senate bill for a 2 week stop-gap extension that would extend the payroll tax cut.
  • Draghi reported ducked a question by FT on whether the ECB will ever conduct QE.
  • NAHB sentiment index rose to 21 in Dec vs 20 exp and 19 prev.

Overseas:

  • Kim Jong Il died. His son is expected to take over the dictatorship. Asian indices were lower on the back of potential instability.

Commentary:

Apparently you have to be watchful of your friends’ credit rating.

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