Morning traders.Market wrap: Local stocks face an uncertain...

Morning traders.

Market wrap: Local stocks face an uncertain start to trade after a flat finish on Wall Street and a mixed night for commodity prices.

Futures traders expect our market to open little changed after Wall Street faded into the close and snapped its six-day winning streak. The SPI futures index finished 1 point higher at 4858.

The overnight economic data was mostly supportive but not strong enough to lift U.S. markets in thin holiday trading. The Dow Jones Industrial Average finished 2 points or 0.01% lower at 10,546, the S&P 500 lost 0.14% and the Nasdaq 0.12%.

A U.S. index of consumer confidence increased in December and was close to economists' expectations. Another report showed the decline in home prices slowed in October.

Trading volume on the NYSE was just under 2 billion shares going into the final hour of trade. The 2009 daily average is around 5.9 billion shares.

Consumer staples, consumer discretionary and transport stocks were strong, but the energy and financial sectors declined. Among the worst hit were REITs -1.47% and precious metals miners -1.07%.

European markets pushed to new 14-month highs. Britains FTSE rose 0.65%, Germanys DAX 0.14% and Frances CAC 0.33%.

Precious metals were back under pressure after the U.S. dollar broke a three-session losing streak in thin trade. The dollar index, a measure of the greenback against a trade-weighted basket of major currencies, was recently up 0.23%. The spot gold price was recently $10 or 0.9% lower at $1,096.80 an ounce. Silver and platinum also fell back.

Oil edged lower ahead of tonight's weekly U.S. inventories report. Crude futures were recently at $78.70 a barrel, down 0.1% for the session.

Copper spiked 3% in London to 15-month highs on news of an impending strike at a Chilean mine but the strengthening greenback saw prices reverse and fall 1% in U.S. trade. Other base metals also gained in London.

TRADING THEMES TODAY

NEW CLOSING HIGH?: Global markets look like ending a memorable year at their high points. Today's overseas lead is uninspiring but our market may continue to coast higher on sheer momentum. A pullback looks due in early January once U.S. fund managers have closed the books for the trading year.

ECONOMIC NEWS: All quiet on the local front but tonight's U.S. schedule includes weekly crude oil inventories and the Chicago Business Barometer or PMI.

Good luck to all.