Markets continue to correct overbought conditions via time rather than price. With one more session to go the S&P 500 is hanging around a 29% return for the year, the best since 1997. The S&P 500 fell 0.02% and the NASDAQ 0.06%. The National Association of Realtors reported signed contracts to buy existing homes rose slightly in November, halting a five month negative streak. Economists expected signed contracts to climb 1 percent.
After breaking above its year long channel for the first time all year last Thursday we've had two very minor corrective days in the NASDAQ.
The slightly disappointing news in the housing sector helped push the year on 10 year Treasuries back down from the 3% level. This has been the line in the sand of late and it will be interesting to see if rates jump that area in early 2014.
Social media stocks continues to come in as they gave back some of their tremendous rallies in December.
Those speculative juices went instead to the solar stocks who have had some big runs in 2013.
Did you know France just passed a 75% tax rate on companies who pay execs >$1M?
France's controversial "millionaire tax" is set to become law, allowing the government to levy a 75% tax on companies that pay salaries in excess of €1 million. The tax was approved by France's constitutional council on Sunday after an earlier version was deemed unconstitutional last year. It had originally been created as a tax on individuals, but was eventually shifted to a tax on companies paying high annual salaries. According to the constitutional council, employers must pay the levy on salaries exceeding €1 million ($1.4 million) a year. The tax will apply for two years -- 2013 and 2014 -- and will not be allowed to surpass 5% of a company's annual revenue.