Before the Open (Nov 29)

Posted on by Jason Leavitt

Good morning. Happy Friday. Happy Thanksgiving. Hope you enjoyed your day off.
The Asian/Pacific markets closed mixed. India, Indonesia and Taiwan moved up; there were no big losers. Europe currently leans to the upside. Spain and London are up the most, but gains are not big. There are no big losers. Futures here in the States point towards a moderate gap up open for the cash market.

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The dollar is down. Oil and copper are up. Gold and silver are up.
Today is a half day. The market closes at 1:00 est. I wouldn’t expect anything noteworthy to happen given so many traders won’t be showing up for work.
As of now the S&P is up 2.47 for the week. Unless the index loses this many points today, it’ll close with its 8th consecutive weekly gain.
The index is also up 50.69 for the month and will close with a monthly gain for the 3rd straight month.
I see no reason to abandon my stance. The long term trend is up, and the only side of the market I’m interested in being on is the long side. There will be dips and pauses and bumps along the way, but I’m not interested in riding a mini move down within such a strong uptrend. Staying long has served me well. This doesn’t mean I’m always all in. It just means during a correction, I’ll scale back and look for entries at lower levels. You have to be an extremely good short term trader to navigate the ups and downs within an uptrend. I’d prefer to not even try.
If you don’t stick around for the day, enjoy your extended weekend. See ya Monday.
Stock headlines from barchart.com…
Telecom Italia (TI +0.33%) was upgraded to ‘Overweight’ from ‘Neutral’ at HSBC.
Target (TGT +0.85%) reported that Black Friday sales exceeded prevoius records and Walmart (WMT +0.31%) announced what it called “record-breaking” Black Friday results.
Standard & Poor’s Ratings Services lowered its long-term unsolicited sovereign credit ratings on the State of The Netherlands to ‘AA+’ from ‘AAA.’
DigiTimes reported that Toshiba (TOSBF +3.54%) plans to launch Chromebooks (GOOG +0.44%) with Intel’s (INTC +1.06%) Haswell processors in 2014.
DigiTimes reported that Apple (AAPL +2.35%) has shipped a total of 33.8 million iPhones in Q3, an increase of 25%.
Dow Jones reports that the Department of Health and Human Services will replace Verizon (VZ -0.24%) with Hewlett-Packard (HPQ +9.05%) for web hosting services on the Healthcare.gov website.
SAC Capital reported a 8.7% passive stake in Clearwater Paper (CLW +0.57%) .
The WSJ reported that Charter Communications (CHTR -0.84%) , backed by Liberty Media (LMCA -0.10%) , is lining up around $25 billion of debt financing as it pursues an acquisition of Time Warner Cable (TWC +0.18%) .
Earnings and Economic Numbers from seekingalpha.com…
Today’s economic calendar:
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
Notable earnings before today’s open: none
Notable earnings after today’s close: none
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers

0 thoughts on “Before the Open (Nov 29)”

  1. This AM Marc Faber says minimize equity holdings in the US. Liquidity is driving expansion of the multiples, but the earnings are dependent on debt of individuals and government. Hussman has been working that one for a while, and it is likely right. But in the short run one can play in the market. I like indexes. Longer run, let me think.
    In the meanwhile in LAX I can not speak to over 50% of the “citizens”, no comprenda engles. The President’s new bill to let noncitizen residents be come citizens is another problem. Mexifornia is not investable anymore for local political reasons. Nationally, I am running from the health insurance industry. Next year this sector cancels 50-70 million policies, but will not write replacement business. Where next? They hope to pick up the pieces of ACA. I am out of the insurers and underwriters except BRK. Continue eating.

  2. New day, same numbers (as my last 2 posts).
    Have seen some very bullish half-days after T-giving, so despite the limited time of market being open and limited number of traders, don’t be surprised to see some movement.
    Futures traded a half day yesterday and then reopened 6 pm last night and have been bullish throughout that time. At 9 am they are +3.50.
    Target remains SPX 1814-1815 for near term.
    Have a nice extended weekend.
    PS Whidbey, I concur with your outlook, but the fibs say higher — for now.

  3. market may open volitile but setle at weekly opt set price by market makers that run everything–funds may be closing monthly books
    short term traders use different indicators/trading plan to Jason
    but short and daytrader bias to up ,but can change instantanious

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