In two pieces this week, we reported on the outlook for smoked salmon over the holiday season in the United States and France, and for the most part, the picture was upbeat. Ask around, and I think you'll find the view for 2012 could be best described as "cautiously optimistic."

The macroeconomic picture for spending, based on the latest numbers, looks fairly strong. Consumer sentiment rose higher than expected in recent data, reaching a six-month high just in time for the holidays.

Consumer