Norway

• California couple finds $10 million in buried treasure while walking dog (Reuters) ... not bitcoin?
• Dimon Says Threats to JPMorgan Span Google to China Banks (BBG)
• Stocks So Many Love to Hate Buoyed by Fed’s Jobs Priority (BBG)
• White House Weighs Four Options for Revamping NSA Phone Surveillance (WSJ) ... to pick the fifth one
• Credit Suisse Executives Weren’t Aware of U.S. Tax Dodges (BBG)
• Militias Hunt Kiev Looters From Central Bank to Bling Palace (BBG)
• Crisis Gauge Rises to Record High as Swaps Avoided (BBG)
• Obama to Propose Highway-Repair Program (WSJ)
• Ukraine Pledges to Protect Deposits as Kiev Rally Called (BBG)

• Here is why AAPL bounced off $500: Apple Repurchases $14 Billion of Own Shares in Two Weeks (WSJ)
• German Court Refers OMT Decision to Europe's Top Court (WSJ)
• Inflation Fuels Crises in Two Latin Nations (WSJ)
• U.S. job growth seen snapping back from winter chill (Reuters)
• Google to own $750 million Lenovo stake after Motorola deal closes: HK exchange (Reuters)
• Frigid Winter Spells Trouble for U.S. Economy (BBG)
• Winter Games to open, Putin keen to prove doubters wrong (Reuters)
• Regulators Ready to Proceed on Bank Leverage Limit (WSJ)
• Abe Eyes Window for Biggest Military-Rule Change Since WWII (BBG)

Europe is recovering, right? Wrong. As Nigel Farage raged last night, things are not what they seem and even the IMF is now beginning to get concerned again (especially after Lagarde's call yesterday for moar from Draghi and every other central banker). As Bloomberg's Niraj Shah notes, it's not just the PIIGS we have to worry about (or not), Denmark, Finland, Norway and Poland have been added to the IMF’s list of countries with the potential to destabilize the global economy.

While Greek (and Cypriot) leaders exclaim the recovery in their economies (factual data aside), the reality is that they remain low-man-on-the-totem-pole among the European Union (despite holding the Presidency). Nowhere is this better illustrated than the world's decision to sink two ships carrying Syria's chemical weapons in the waters near Greece and Cyprus. As KeepTalkingGreece notes, the first stage of destroying Syria’s chemical weapons has reportedly already begun with the aid of Norway, Denmark, Russia, China, Finland, UK and USA, among others. The chosen dumping ground for more than 800 tonnes of chemical weapons... Crete.

In what can be described a truly ironic event and a major failure for America's stated mission (because one can't help but wonder at all the support various Al Qaeda cells have received from the US and/or CIA) of eradicating the Al Qaeda scourge from the face of the earth, we learn today that al Qaeda appears to control more territory in the Arab world than it has done at any time in its history. According to a CNN report "from around Aleppo in western Syria to small areas of Falluja in central Iraq, al Qaeda now controls territory that stretches more than 400 miles across the heart of the Middle East, according to English and Arab language news accounts as well as accounts on jihadist websites."

What time can you go home today? Find out with the schedule of early market closures below:

Floor Trade:

• CME/CBOT - Early Close: Equities - 12:15PM Central; Interest Rates, FX, Commodities - 12:00PM Central
• NYMEX - Early Close: 1:30PM Eastern
• COMEX - Early Close: 11:30AM Central
• NYSE - Early Close: 1:00PM Eastern

Representing numbers that would put the adoption curve of Obamacare to shame, the Bitcoin equivalents of Paypal, BitPay, announced last week that it has now processed over $100 million in BTC transactions in 2013, has increased its merchant base to over 15,500 approved merchants in over 200 countries, but most importantly, has seen a surge in the number of merchants using its BTC payment pricing plan, by 50% since October while the volume of transactions has tripled. While the surge in the currency adoption has matched the explosive rise in the USD-value of the currency, the news should comfort any lingering doubts whether Bitcoin is a credible payment system. Which explains why Europe, which over a year was the first entity to cry foul about Bitcoin (recall from November 2012: "The ECB Explains What A Ponzi Scheme Is; Awkward Silence Follows") when the USD-price of one BTC was still in the double digits, is doubling down in its fight against the fiat alternative, this time as the European Union's top banking regulator is preparing to actively supervise the virtual currency.

There are only a few UK and U.S. banks on the list of global safe banks. This should give pause for thought. Notice that many of the safest banks in the world are in Switzerland and Germany.

Previewing the rest of this week’s events, we have a bumper week of US data over the next five days, in part making up for two days of blackout last week for Thanksgiving. Aside from Friday’s nonfarm payroll report, the key releases to look for are manufacturing ISM and construction spending (today), unit motor vehicle sales (tomorrow), non-manufacturing ISM (Wednesday), preliminary Q3 real GDP and initial jobless claims (Thursday), as well as personal income/consumption and consumer sentiment (Friday). Wednesday’s ADP employment report will, as usual, provide a preamble for Friday’s payrolls.

In addition to its three previously announced so far "Top Trades" for 2014 (see here, here and here), just over an hour ago Goldman revealed its fourth top recommendation to clients. To wit: Goldman is selling China equities (via the HSCWI Index), while buying copper (via Dec 2014 futs), or at least advising its flow clients to do the opposite while admitting that "for the long China equity/short commodity pair trade to “work” best, these two assets, which are usually positively correlated, will have to move in opposite directions." For that and many other reasons why betting on a divergence of two very closely correlating assets will lead to suffering, read on. Finally - do as Goldman says, or as it does? That is the eternal question, one whose answer is a tad more problematic since the author in this case is not Tom Stolper but Noah Weisberger.

Overview of the week's economic and poltiical calendar in the context of the investment climate.  

• Winter storm lashes eastern U.S., threatens Thanksgiving travel (Reuters)
• Fed Reveals New Concerns About Long-Term U.S. Slowdown (BBG)
• Private equity keeps $789bn of powder dry (FT) - because they are "selling everything that is not nailed down"
• Merkel and SPD clinch coalition deal two months after vote (Reuters)
• Japan approves new state secrecy bill to combat leaks (BBC)
• CLOs are the new black: Volatile Loan Securities Are Luring Fund Managers Again (WSJ)
• Health website deadline nears (WSJ)
• Norway Debates $800 Billion Wealth Fund’s Investment Options (BBG)
• Set of global trade deals stalls (WSJ)
• Berlusconi To Learn Fate In Senate  (Sky)
• Silvio Berlusconi withdraws support from Italy’s government (FT)

• Washington turns bond market upside (FT)
• China Air-Zone Move Expands Field of Islands Spat With Japan (BBG); Japan rejects China claim on airspace over disputed islands (FT)
• 'Great Satan' meets 'Axis of Evil' and strikes a deal (Reuters)
• Iran Pact Faces Stiff Opposition (WSJ)
• Allies Fear a US Pullback in Mideast (WSJ)
• India to resume paying Iran in Euros (Economic Times)
• At 'Business Insider,' it's time to sell (USA Today)
• More ECB currency war jawboning: ECB’s Hansson Says Rate Cut Options Not Fully Exhausted (BBG)
• Spy World Links Plus Obama Ties Stoke Concern About NSA Review (BBG)
• A disunited Europe will struggle even to disintegrate (FT)

The following Top Ten Market Themes, represent the broad list of macro themes from Goldman Sachs' economic outlook that they think will dominate markets in 2014.

1. Showtime for the US/DM Recovery
2. Forward guidance harder in an above-trend world
3. Earn the DM equity risk premium, hedge the risk
4. Good carry, bad carry
5. The race to the exit kicks off
6. Decision time for the ‘high-flyers’
7. Still not your older brother’s EM...
8. ...but EM differentiation to continue
9. Commodity downside risks grow
10. Stable China may be good enough

They summarize their positive growth expectations: if and when the period of stability will give way to bigger directional moves largely depends on how re-accelerating growth forces the hands of central banks to move ahead of everybody else. And, in practice, that boils down to the question of whether the Fed will be able to prevent the short end from selling off; i.e. it's all about the Fed.