We had the usual manipulation of the S&P 500 and risk into year-end, but the US Congress totally failed to deal with the fiscal cliff. The Senate passed a watered down version for the House to vote on and whatever happens we are straight to the debt ceiling discussion inside a few days.

Add to this that President Obama is already indicating he will raise taxes even beyond the scope of this deal, and we have major confrontation coming up in the US over the next two weeks.

Expect a negative market fall-out from this non-deal, but also note that 2012 through and through was the year where the politicians showed us their true colors: they are a pack of inconsistent talking heads, with absolutely no vision on how to shape or protect the future.

- Saxo bank