Morning Note: "Looming Mismatch"

Here's a teaser for the upcoming finale to our year-end message:

Asian equities were mixed overnight, with 8 of the 16 markets we track closing lower.

Most of Europe's bourses are shuttered this morning. All 8 of the ones we track that are open are trading lower as I type.

US major averages are lower across the board: Dow down 68 points (0.18%), SP500 down 0.14%, SP500 Equal Weight down 0.09%, Nasdaq 100 down 0.29%, Nasdaq Comp down 0.21%, Russell 2000 down 0.07%.

The VIX sits at 17.60, up 1.56%.

Oil futures are down 1.17%, gold's up 0.23%, silver's up 0.26%, copper futures are up 1.39% and the ag complex is down 0.46%.

The 10-year treasury is up (yield down) and the dollar is down 0.26%.

Led by uranium miners, carbon credits, solar stocks, base metals futures and Indian equities -- but dragged by MP (rare earth miner), Viacom, oil services stocks, AT&T and ag futures -- our core allocation is flat (+0.01%) to start the session.

"Every new beginning comes from some other beginning's end."  --Seneca

Happy New Year!
Marty