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Registered Investment Adviser Caleb Lawrence

Despite little real news the major averages enter the final hour with modest gains. The December Producer Price Index slipped .1% pulling the year ago rate down to 2.7%, and snapping a string of 9 consecutive increases for the series on a 10.7% drop in gasoline and related items, and to a lesser extent services prices. Should oil prices fail to maintain their 2+ year highs the various inflation measuring metrics will all retreat significantly as end user demand remains weak.

More uncertainty for the assorted crypto currencies as South Korea talks about banning trading while it raids the countries major exchanges in the name of tax fraud. This last item, tax fraud will feature front and center with crypto currencies this year as a number of jurisdictions, including the USA, have looked at the subject and concluded they aren’t getting anything near what they consider to be their fair share of the gains.

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