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.
