(As of 7:25 am pacific)
It should be a quiet day with
low volume today as many traders exit the market early for Thanksgiving
travel. News was negative out of Japan
with a significant drop in exports, but the prospect of more economic stimulus
as a result propped up markets. The
European Union is not yet settled on the continuing Greece rescue plan so
things are unsettled there. On the
domestic front economic reports are mixed.
Reportedly lower jobless claims should be ignored until the effects of
Hurricane Sandy are filtered out.
Leading economic indicators were up slightly at .2%, a meager gain. The University of Michigan Consumer Sentiment
Report was revised lower, but is still surprisingly high given the rhetoric
surrounding the ‘fiscal cliff’ that is so widespread. Oil is rebounding slightly based on
continuing mid-East tensions while gold is flat along with most
commodities. The dollar is mixed. Expect negative momentum to reemerge as hard
negotiations on the fiscal cliff take place with each opposing party battling
for political gain. HAPPY THANKSGIVING!
