The Thanksgiving holiday is upon us and the markets have settled in and hunkered down in some pretty tight ranges on holiday-type volume. The Iranian nuclear deal over the weekend relieved some, um, minor pressure in the equities while creating a morning break in crude prices; however, by midday the markets had taken back more than half of their gains/losses in an extremely quiet environment. When is the market going to open its eyes and ears? Interesting that within minutes of the Iran agreement, China announces it is preparing to take Japanese islands by force. Appeasement only emboldens our enemies. Iranians were celebrating in the streets, as they slow enrichment for a few months in return for $7 billion. U.S. secretary of state already out this morning saying HIS agreement may be a mistake – ”agreements” of that magnitude on horrible astro = perilous consequences. Mount Etna blew up first time in 26 years, trains derailed, etc., but markets are green? Beware!!!
Bond fund outflows last week were -$9b. Equity fund inflows were +$6b. If the S&P does indeed close 2013 up +26%, then financial advisors will tell their clients that the previous 12 times the S&P was up +26% in a year, it increased +10% on average the following year. ***Many clients will have long conversations with their financial advisors.
william_blount (08:15) if we go into silly season you all are going to be real surprised where the YEAR END price is going to be - as long as we hold 1765 cash through Friday. mts2 (08:18) YEAR END price is going to be? The suspense is killing me … throw us bone… best guess in round numbahs? william_blount (08:20) got to clear out the 1829, then some minor crap at … **Stay tuned, I will post the target here tomorrow .
October pending home sales checked in at -0.6 versus exp of 1.3 and the Dallas Fed manufacturing survey checked in at 1.9 vs exp of 5.0 and 3.6 prior. The [BKX] was firm throughout the session as the S&P 500 sat predominantly still in the middle, 1804 area of the regular trading hours pit session – just 5ish handles off the new all-time high, 1809.25 during the Globex session. During the lunch hour(s) the healthcare, service and consumer goods sectors were the only sectors trading in the green even as the index sat up 3 to 4 handles.
@tbg4321 aka Kathy (12:07) ES creating the largest pb since 11/20 low at 1774.25 … and on the bullish cross validating test, the 20 is failing, next important sup test is 1799, this currently has GRZ & 50 correlation.
The S&P was trading in the 1804 area when the … iceChat (14:04) MrTopStep MiM Closing Imbalance showing 86%, $600M to sell side. followed by iceChat (14:35) MrTopStep MiM Closing Imbalance showing 87%. $800M for sale. By 2:44 the SPZ traded a new daily low of 1798.70. The cash close traded 1801.20 before the futures settled at 1802.40, up 1.2 handles on the day.
Events: Will any of this matter? BOJ minutes tonight. Eurozone officials meeting in Brussels. Tomorrow premarket – ICSC-Goldman store sales 6:45CT, housing starts 7:30, Redbook 7:55, FHFA House Price Index 8:00, S&P Case-Shiller HPI 8:00 and Richmond Fed Manufacturing Index 9:00CT. Premarket earnings – [BECN], [BKS], [BWS], [CHS], [CTRN], [DSW], [EV], [HRL], [LTXC], [PLCE], [PLL], [SIG], [TIF]. Post close Tuesday – [ADI], [BLOX], [HPQ], [TIVO], [TLYS], [ZLC]
Warning, open at your own risk! This is a bit vulgar, but it is pretty funny – unless you are a bear http://freakngenius.com/v/K2um6