This is the speech FDR gave the following day: Watch the speech here

 

Yesterday, Dec. 7, 1941 — a date which will live in infamy — the United States of America was suddenly and deliberately attacked by naval and air forces of the Empire of Japan.

 

The United States was at peace with that nation and, at the solicitation of Japan, was still in conversation with the government and its emperor looking toward the maintenance of peace in the Pacific.

 

Indeed, one hour after Japanese air squadrons had commenced bombing in Oahu, the Japanese ambassador to the United States and his colleagues delivered to the Secretary of State a formal reply to a recent American message. While this reply stated that it seemed useless to continue the existing diplomatic negotiations, it contained no threat or hint of war or armed attack.

 

It will be recorded that the distance of Hawaii from Japan makes it obvious that the attack was deliberately planned many days or even weeks ago. During the intervening time, the Japanese government has deliberately sought to deceive the United States by false statements and expressions of hope for continued peace.

 

The attack yesterday on the Hawaiian islands has caused severe damage to American naval and military forces. Very many American lives have been lost. In addition, American ships have been reported torpedoed on the high seas between San Francisco and Honolulu.

Yesterday, the Japanese government also launched an attack against Malaya.

Last night, Japanese forces attacked Hong Kong.

Last night, Japanese forces attacked Guam.

Last night, Japanese forces attacked the Philippine Islands.

Last night, the Japanese attacked Wake Island.

This morning, the Japanese attacked Midway Island.

 

Japan has, therefore, undertaken a surprise offensive extending throughout the Pacific area. The facts of yesterday speak for themselves. The people of the United States have already formed their opinions and well understand the implications to the very life and safety of our nation.

 

As commander in chief of the Army and Navy, I have directed that all measures be taken for our defense.

 

Always will we remember the character of the onslaught against us.

 

No matter how long it may take us to overcome this premeditated invasion, the American people in their righteous might will win through to absolute victory.

 

I believe I interpret the will of the Congress and of the people when I assert that we will not only defend ourselves to the uttermost but will make very certain that this form of treachery shall never endanger us again.

 

Hostilities exist. There is no blinking at the fact that that our people, our territory and our interests are in grave danger.

 

With confidence in our armed forces — with the unbounding determination of our people — we will gain the inevitable triumph — so help us God.

 

I ask that the Congress declare that since the unprovoked and dastardly attack by Japan on Sunday, Dec. 7, a state of war has existed between the United States and the Japanese empire.

 

Casualties: Total: 2,403 KIA, 1,178 WIA.

I won’t make parallels to today, or the market, or economic policy, because to do so would take away from the gravity and sacrifice made by so many for our way of life. I will only say that it took the horrific actions of that day to force us out of “isolationism” and into World War II.

Yesterday in the Markets:

Yesterday’s market action can be characterized as having no action. She sold off some, rebounded some, and experienced some late sell imbalances towards the close. There was no important economic news release, and the chatter centered around The Bernank on 60 Minutes, and whether he keeps changing his stance, and whether he sounded confident. Zzzzzzzzzzzzzzzzz…

Today in the Markets:

 

Completely different day for sure. Futures are higher by nearly 1%. What Euro crisis? Tax cuts were extended, and the social security tax was lowered 2% on a temporary one-year basis. The government dumped its remaining Cit stake, and Wikileaks’s  Assange was arrested for leaking US secrets (or not using a condom).

What is key for many technicians, as well as Fibbies, is the 1228 S&P number. This is the 61.8% retracement of the peak to trough 2007-2009 levels, and holding above it could signify the beginning of an uptrend, although I heard the same argument at Fibbi 50%, 1121.

 

 

Where we left off 4:00pm EST:

INDU               11,362.19                                -19.90

SPX                 1,223.12                                  -1.59

CCMP              2,594.92                                  +3.46

Futures now at 7:30am EST:

DJA                                         +77

SPA                                         +10.60

NDA                                        +19.25

Key Data out today:

 

10:00:                                           IBD Economic Optimism

15:00:                                           Consumer Credit

17:00:                                           ABC Consumer Confidence

 

Since the prior close, some key stories:

 

–       Tax cuts extended, and social security tax temporarily lowered 2%.

–       No extension though for Build America muni-bond program.

–       Report of possible Chinese rate hikes over the weekend?

–       UK Manufacturing expanded twice what was expected.

–       Oil and Gold record high levels.

–       Government is out of the way in Citibank.

–       WSJ reports that Eurobonds not going to happen (Germany opposed).

–       GNC will be acquired by Blackstone and Chinese company, Bright Foods.

–       Obama bringing CEO’s to the White House, after they have taken him out to the wood-shed.

–       Chinese Latest American IPO’s Slump as Offerings Increase to Record (Bloomberg).

–       Assange arrested.

Earnings:

 

Pre-market:  AZO, BMO, TLB

 

After the Close: CASY, HRB, MW

 

 

Significant Movers This Morning:

SPPI +11.8% (trial results), CBRX +10% (settlement), PLAB +3.1% (earnings), HWAY +3% (CMS settlement) PBY +3% (earnings) ABMD -13.8% (study results) SWS -8.5% (convert) WTFC -8.4% (secondary), GERN -7.5% (equity, Angoichem license agreement) KOG -5.9% (2011 guidance, secondary) FSYS -5.5% (guidance, secondary) AVGO -4.8% (secondary for holders) BPZ -3.3% ($500M mixed shelf).