Who would have thought that when the spread between Brent and WTI crude topped out at $27.88 in mid-October, that we would be back down to levels from January in less than two months.  As shown in the chart below, the spread between Brent and WTI crude oil has completely collapsed in the last six to eight weeks and is now back down to levels last seen in March.

Prime Minister Garry Conille and Bill Clinton

On December 8, at its next governing council meeting, the European Central Bank (ECB) should reduce its interest rates by one percentage point to 25 basis points.  Anything less would amount to dereliction of the ECB’s duty to the euro area economy.

Below is our trading range snapshot for the S&P 500 and its ten sectors.  The Neutral (N) line represents each sector's 50-day moving average, while the white shading represents between one standard deviation above and below the 50-day.  Moves into the red shaded areas are considered overbought, while moves into the green shaded areas are considered oversold.  For each sector, the black dot rep