Archive - Dec 24, 2014 - Story

While Ukraine continues to plead with the international community that the Russian annexation of Crimea is illegal and against all international norms and directives, and just after it voted to end its non-aligned status and work towards Nato membership, a move Russia's Foreign Minister Sergei Lavrov called "counterproductive" and said it would boost tensions, overnight Kiev had little problems with leaving "its" population in the Black Sea peninsula in the dark on Christmas eve.

Europe is mostly closed on Christmas Eve, which means that only the junior algos are lifting every offer, few as they may be, on the other side of the Atlantic today and eagerly awaiting the 1:00PM Eastern close of the NYSE megahub in Mahwah, NJ. Here is the full schedule of early market closures today.

• Russia says NATO turning Ukraine into 'frontline of confrontation' (Reuters)
• Oil Drillers Under Pressure to Scrap Rigs to Cope With Downturn (BBG)
• Demonstrators Defy NYC Mayor's Call to Suspend Police Protests (BBG)
• U.S. to send more private contractors to Iraq (Reuters)
• ISIS Shoots Down Jet From U.S.-Led Coalition, Syrian Monitors Say (NYT)
• Russians Race to Secure Mortgages Before Costs Spiral (BBG)
• Abe Brings in Former Soldier Nakatani as Defense Minister (BBG)
• At Coke, Newest Flavor Is Austerity (WSJ)
• Fear and retribution in Xi's corruption purge (Reuters)
• UBS Raises Flag on China’s $1 Trillion Overseas Debt Pile (BBG)

Just days after two NYPD officers were brutally executed in broad daylight in what is said to be a retaliation for the deaths of Michael Brown and Eric Garner, overnight, amazingly, just miles away from the St. Louis suburb of Ferguson where Michael Brown was shot in August, an 18 year-old black man was shot and killed by police at a gas station in the St. Louis suburb of Berkley late on Tuesday, in a development that is certain to inflame racial, and local police department, tensions even further beyond their breaking point.

Today's early close across markets likely means that the blow-off top multiple-expansion mania phase (because forward EPS estimates over the past couple - that means 2 to Janet Yellen fanatics - weeks have in fact declined) of 2014 may be coming to an end. However with already abysmal volumes literally grinding to an early halt at 1:15 pm Eastern today, and with a market as boring as this one, where any news is immediately interpreted as good, not matter how bad it actually is or how "revised" or "goal-seeked", we may see futures, which already are trading some 4 points above fair value, successfully levitate by another 20 points and hit Goldman's 2100 year end target - year-end for 2015 that is - one year ahead of time.