A burst of economic data hit the market this morning. Once again the data was mixed with the Chicago PMI once again showing strength. Durable goods weren’t up to snuff. However, the data was quickly forgotten as many were looking ahead to the Thanksgiving Day holiday. Crude fell nearing a 91 handle as it continues to move lower within its downtrend. We continue to see this market beat the odds and continue to move higher. It will be interesting to see how the market reacts to the shortened session Friday as it will be the last trading day of the month. Many are trying to predict a top, heck even a correction and they continue to be wrong. Stick with this uptrend until it gives enough signals it is about to end.
An interesting development on the Shanghai Composite index as it is setting up to push higher. We are also seeing a few Chinese stocks perk up and appear to in the midst of moving higher. You don’t have to look much further than FXI to know there is at least some interest. If Chinese stocks move higher it will likely give a big boost to EEM. Always keep an eye on potential big movers. Taking your eye off the ball will only cost you in the long run. You do not want to miss out on big gainers. It is the homeruns that set your returns apart from everyone else.
The only headline risk out there will be the November jobs report set to hit a week from Friday. Sure, we’ll have global PMIs on Monday. However, these will pale in comparison to the ultra-focus this month’s job report will have due to the Federal Reserve. We’ll simply follow price, but it would not surprise us to see some volatility heading into the number.
Have a great Thanksgiving Day holiday. We are thankful for this uptrend! Ride those winners.
