11/29/2010 premarket | Bulls on Wall Street

11/29/2010 premarket

Good morning folks. Futures are indicating a flat open as traders are still digesting Black Friday reports along with the 85 billion dollar Irish bailout.  Crude OIL $uso is looking strong up 1%.  Nat Gas also in the green at .4%.  
whole host economic reports so expect some choppiness and back and forth in a tight range till the range is resolved. There is a lot of news to digest and keep an eye out for.  In the end the news means nothing and is pointless follow just the price action of the market and your stocks and your brain will be clear of clutter.  the more news you add the more likely a “paralysis by analysis” happens. Especially for new traders who lack the cognitive function to digest 30-40 variables as trading is a very “repitition based” “muscle memory” type activity. Much like driving. After 10 years when you drive to work you dont even often know how you got there or any particular of the ride.  The key when playing news or econ reports is not the analysis of them as we are not going to be able to read the data like an economist…we are just lousy daytraders! The key is the reaction to the news.  How is the market acting towards the data that is put out. thats what we trade.

This Week’s Calendar

Click on a “Release” for Insight

Date ET Release For Actual Briefing.com Consensus Prior Revised From
Nov 30 09:00 Case-Shiller 20-city Index Sep 1.0% 1.0% 1.7%
Nov 30 09:45 Chicago PMI Nov 58.0 59.6 60.6
Nov 30 10:00 Consumer Confidence Nov 52.0 52.0 50.2
Dec 01 07:00 MBA Mortgage Applications 11/26 NA NA 2.1%
Dec 01 07:30 Challenger Job Cuts (y/y) Nov NA NA -31.8%
Dec 01 08:15 ADP Employment Report Nov 60K 58K 43K
Dec 01 08:30 Productivity-Rev. Q3 2.2% 2.4% 1.9
Dec 01 08:30 Unit Labor Costs Q3 -0.4% -0.5% -0.1%
Dec 01 10:00 ISM Index Nov 56.0 56.5 56.9
Dec 01 10:00 Construction Spending Oct -0.8% -0.5% 0.5%
Dec 01 10:30 Crude Inventories 11/27 NA NA 1.03M
Dec 01 14:00 Auto Sales Nov NA 3.71M 3.68M
Dec 01 14:00 Truck Sales Nov NA 5.35M 5.59M
Dec 01 14:00 Fed’s Beige Book Dec
Dec 02 08:30 Continuing Claims 11/20 4200K 4200K 4182K
Dec 02 08:30 Initial Claims 11/27 415K 422K 407K
Dec 02 10:00 Pending Home Sales Oct 0.0% 0.0% -1.8%
Dec 03 08:30 Nonfarm Payrolls Nov 150K 130K 151K
Dec 03 08:30 Nonfarm Private Payrolls Nov 175K 140K 159K
Dec 03 08:30 Unemployment Rate Nov 9.7% 9.6% 9.6%
Dec 03 08:30 Hourly Earnings Nov 0.2% 0.1% 0.2%
Dec 03 08:30 Average Workweek Nov 34.3 34.3 34.3
Dec 03 10:00 Factory Orders Oct -2.0% -1.3% 2.1%
Dec 03 10:00 ISM Services Nov 53.0 54.5 54.3


Keep an eye on these levels SPX 1175-1177 (50dma area) and SPX 1200.  this is the box we are in and the battle ground we need to resolve. Trade quick and tight. Do not be overloaded to any one particular direction. 

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