The Dubai insolvency problem may have some legs, it depends on how invested American banks are in the boom town gone bust. Its hardly like Detroit though, it will come back maybe with more modest architectural designs. They like to stretch the envelope over there.
Let's face it though, if people were out in droves and bought holiday presents at a rate that surpasses last year's Black Friday then December will continue with the bull run. Its still about how Americans spend their money. I was in Lowes today and the place was hopping.
Reuters: Jobs data eyed, but Dubai is the wild card
...Friday's employment report for November will be the main event with job losses expected to decrease from October. Investors will also get an early view of how retailers fared during Black Friday...
It was uncertain how much exposure U.S. banks have in Dubai...
December, traditionally one of the best months for stocks, has been good for an average gain of 1.7 percent in the S&P 500 since 1950...
"If we're higher next week, it's very bullish for the remainder of the year..
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