We finished the week with an uneventful low volume doji Friday. The market is indecisive at this point and although the recent action may be a topping process, there is technically no reason to be shorting the market aggressively with most indexes above their major moving average and little technical damage at this point. Next week is a holiday-shortened week but there will be a ton of economic data compressed on Tuesday and Wednesday. Levels to watch remain the same with SPY 108 as a target for short-term downside, and a return above SPY 110.50 would be bullish. Lastly, I think we are setting up for a red December despite seasonality factors.
Economic Data:
- Monday: Existing Home Sales (5.72M)
- Tuesday: Prelim GDP q/q (3.0%), S&P/CS Composite-20 HPI y/y (-9.1%), CB Consumer Confidence (47.6), HPI (0.2%), Richmond Manufacturing Index (10.0)
- Wednesday: Core Durable Goods Orders m/m (0.8%), Unemployment Claims (500K), Core PCE Price Index m/m (0.1%), Durable Goods Orders m/m (0.5%), Personal Spending m/m (0.6%), Revised UoM Consumer Sentiment (67.2), New Home Sales (408K),
- Thursday: Happy Thanksgiving!
- Friday: None
Weekend Reading:
- Learning to shift emotional gears as a trader (TraderFeed)
- Learning styles and trading success: Are you playing to your strength? (TraderFeed)
- Trading the Thanksgiving Holiday (Trader’s Narrative)
- Treasury 3-month bill yields negative (Trader’s Narrative)
- Carry Trade crowded? (Pazzomundo)
- Stocks 20% overvalued (Business Insiders)
- Making money from a pool of mortgages (NY Times)
- Hacked email is fodder for global warming discussion (NY Times)
- Wall Street Spin Game (NY Times)
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