Art Cashin, UBS director of floor operations, shares his wit and wisdom with us daily from the New York Stock Exchange floor. On this final trading day of the year, he shared his traditional New Year’s poem.

Europe will again be the focus early in the new year: Spanish and Italian bond auctions January 12 and 13, as well as a reported Merkel/Sarkozy meeting January 9, then the EU Summit meeting January 30.

With a surge in late December, the Dow Transports is once again challenging resistance from the October highs. Notice that the Average failed at this level in early December. The Dow Industrials is also hitting resistance near the October high. Breakouts in both would be bullish according to
Dow Theory
.

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