Daily FNArena News - FYI

Wall Street went nowhere for most of the session, coming to terms with economic data and corporate developments.

Weekly musings from your editor. The banks have not looked this good in weeks, and recommendation upgrades are back in full swing. Is the market finally ready to take the 6700 hurdle?

John Hussman of Hussman Funds suggests using a basket of economic indicators the evidence shows the US economy is close to entering a recession.

The Dow bounced back over 300 points last night following good news in retail and financials, and a sharp drop in the oil price.

The move to risk aversion accelerated last night as credit crunch phase II intensifies. Gold copped the brunt of the selling.

The US, Europe, UK and China all report monthly CPIs this week, while a wealth of economic data may answer some recession questions in the US.

It started on Thursday but was dampened by a misplaced short covering rally. Tech took a dive on Wall Street on Friday as financials tried to hang in. The Dow fell over 200 points.

The Dow bounced back from a 200+ point loss while the tech sector melted overnight. Rio rejected an offer from BHP.

The Dow plunged 360 points last night on a number of issues, the most prevalent being the same old story – financial sector woes.

Weekly musings from your editor. It would seem that institutional investors have started to withdraw some of their funds. Investors may want to consider their strategy ahead of the New Year.