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Markets creep up as traders clear out for holiday — happy T-day!

Brian Shepard
mts marketrecap 330 300x207 Markets creep up as traders clear out for holiday happy T day!

Collective Intelligence! Premarket economic data was mixed – durable goods disappointed as jobless claims improve.  [AAPL] revving its engine early – China’s state media cites Dec.18 as the launch for the iPhone 5.  Also, some early technical analysis by william_blount (08:22)  EXPECT ONE TEAM OR THE OTHER TO GO AFTER TODAY’S MAX VALUES BY THE CLOSE FRIDAY. The winner is the team that gets the 1799 or 1808.5 CONVERTED — the rest is TRADING.

HAPPY THANKSGIVING!!!  The Big Bite http://bit.ly/1eARuy3

Today started with a light 158k ESZ and 500 SPZ traded on Globex, ESZ trading range was 1804.75 – 1801.25. Tuesday’s regular trading hours (RTH’s), pit session trading range was 1807.30 – 1799.20 before settling at 102.40, down .4 handles. Today’s regular trading session opened 2 handles higher at 1803.70 – 1804.30. Chance_Stroot (08:34) Chicago PMI comes out at 8:42AM CT to subscribers – be cautious … better PMI data ran the S&P up to 1807.30, double topping at yesterdays high … mts2 (08:45) 63.0 chicago PMI exp 60.0 followed by Michigan sentiment 75.1 vs exp 73.5 at 8:55 and a retreat to 1805 area.  william_blount (09:14) yesterday high and TVS rejected — bulls need to hold the 1704. Roger_Sawyer (09:18)  AAPL +10 +1.9%.  Chicago PMI and Michigan confidence checked in above expectations, but this week’s economic data had little impact on either volume or price action.

topnotchtrading (11:33) the information you are about to get are from continuation charts. The high from 2007 was at 1586.75 in October of that year.  It had with a close of 1477.25.  2008 did close at the 900.00 in December of that year, which is what I believe you were looking for overall.  The s&p closed at 1252.50 in December of 2011, which was “the” last low behind the overall move to all time highs currently. I hope that helps you out. This future hasn’t traded under that last price since, although it double bottomed close to it in 2012.

Sam_E (11:49) we are fibless on crude till 9065 and 9034 and we WILL get there.  @tbg4321 aka Kathy (11:52) CL still seeking pt for triangle, currently testing 78.6%, below there has max tgt for that scenario leg at 89.14, this is on day chart.  91.71 is sm bullish Crab PRZ but looks pretty pitiful til at least the Renko4 can hold above BB midline.

iceChat (11:50)  U.S. AIR CARRIERS BEING ADVISED TO TAKE STEPS TO OPERATE SAFELY OVER EAST CHINA SEA. iceChat (12:14:57): Air France Says Flight Bound for Detroit Returning to Paris - not sure what that was about, but it created some chatter…as the S&P traded an intraday low at 12:19 before grinding back up and converting the opening range.

mts2 (13:39) Flipping to the buyside – Fins/Big Cap Pharma and Industrials joining Materials….still some sell side Miners/Discretionary – looks like a big push at the moment… although the indices did lift off the daily lows, the rally was capped at 1806.50 by 2:11.

Mikey_P (14:05)  Just dropped in to check the MiM, , not real compelling.  I think what Mikey meant to say was, not real compelling - today … as many on both Wall Street and Main Street were already celebrating with their family, friends, food and drinks – versus being tortured by the underwhelming participation in the markets on the eve of the Thanksgiving holiday!  iceChat (14:09) MrTopStep MiM Closing Imbalance 68%, $114M to sell side. iceChat (14:10)  [RUT] new highs. iceChat (14:24) MiM now showing 55%, just $38M to sell. iceChat (14:30:15): NDX new highs. iceChat (14:43) MiM now showing 71%, $217 to sell – still small. The cash close traded 1806.20 before settling at 1804.20, up 2.2 handles!

Sam_E (15:13) welcome to only the 4th time since 2003 where 1.5 standard deviation has moved outside 2 standard deviation on a monthly chart. nq Jan of 04 Nov 07 april 1010 and may of 2011. the monthly has opened up and not even been inside of either. we are 230 points outside of deviation we were only 140 out in o7.

Coming events: http://www.investing.com/economic-calendar/

Worth Repeating Dept.: Data like this, oh and usually the MiM, MrTopStep imbalance Meter, [NYSE] closing imbalance, is all that matters … Follow the money!  Last week bond fund outflows 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 500 was up +26% in a year, it increased +10% on average the following year.  ***Many clients will have long conversations with their financial advisors. The Thanksgiving holiday is upon us and the markets have settled in and hunkered down in some pretty tight midday ranges on holiday-type volume.

David_F  Wednesday – Friday Thanksgiving week shows strong upside tendencies:


December seasonality strong:http://bit.ly/18mgwSp

Warning, open at your own risk!  This is a bit vulgar, but it is pretty funny – yeah, it’s that algo thing http://freakngenius.com/v/K2um6