Before the Open (Nov 25)

Good morning. Happy Wednesday.
Sorry I didn’t update the site last night. I never regained internet access. This has not exactly been a smooth trip to Chicago. I probably should said Monday I was taking a couple days off. It wouldn’t have mattered since I wasn’t likely to add new set ups to the lists and analyzing the market movement right in front of a holiday weekend wasn’t going to be useful.
So here we are the day before Thanksgiving. The market will be slow, but that doesn’t mean there won’t be movement. If you’re a day trading addict, you may be able to get off a decent trade. Swing traders aren’t likely to get much volume to support any breakouts or strong bounces off support.
As far as everything aside from the market goes, I’m wondering how gloomy faces will be sitting around dinner tables tomorrow night. The market may be up, and many companies – mostly the banks – are raking in record profits thanks to us tax payers, but this sentiment isn’t duplicated on Main St. High unemployment, a persistently weak housing market and other conditions certainly put a damper on the spirit of America, and it’s not likely to get better any time soon.
The market bottomed last Mar – almost 9 months ago. Supposedly the market is 6-9 months ahead of the economy, so if things don’t start improving soon, if the real world doesn’t start justifying what the market is anticipating, things could get ugly. But as I’ve said, the Fed will do everything they can to prevent the market from falling. America is becoming split.
I won’t be around much today. I have a stop at the CME and CBOT to make. I’ll be back Friday morning and then of course for my normal weekend updates.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers