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I think we'll close near the high today, and that momentum will carry us up further tomorrow. After that, I'm guessing we'll see a little consolidation and weakness.
 
ContrarianJeff said:
I think we'll close near the high today, and that momentum will carry us up further tomorrow. After that, I'm guessing we'll see a little consolidation and weakness.
Click to expand...

Looks like you're on track with about 15mins of trading left.

The Dow just broke through 13,450.
 
08:30 am : S&P futures vs fair value: +1.3. Nasdaq futures vs fair value: +5.3. Weekly initial jobless claims came in at 338K. Economists expected claims to drop to 335K from 353K last week. Futures reaction was mostly muted to the data, and still point to a slightly higher start to the trading day.
 
Briefing.com:
S&P 500 notches new session high of 1488.01 near last wk's peak at 1488.94 (TECHX) 1487.88 +2.87 : A resistance zone is slightly above marked by the Oct low/Nov breakdown point at 1489.56, the 50% retrace of the Oct-Nov decline at 1491.10 with the Mid-Nov intraday high at 1492.14.
 
The market looks really strong, but I'm getting out short term now that we're at SP 1500, NAZ 2700, and Dow 13600. I still think we'll probably pull back mildly for a couple of days (the jobs report may provide an excuse to sell), before ramping up again next week with the Fed's meeting.
 
ContrarianJeff said:
The market looks really strong, but I'm getting out short term now that we're at SP 1500, NAZ 2700, and Dow 13600. I still think we'll probably pull back mildly for a couple of days (the jobs report may provide an excuse to sell), before ramping up again next week with the Fed's meeting.
Click to expand...
If the jobs report is down, that will add more probably that the FED will lower rates .50% instead of .25%. If it is good I don't think it will stop them from reducing the rate .50%, it's a NO BRAINER!!:D:cool:
 
08:30 am : S&P futures vs fair value: +4.0. Nasdaq futures vs fair value: +0.3. Futures climb slightly higher and then make further gains on the November job numbers. Change in nonfarm payrolls came in at 94K versus the 80K expectation. The unemployment rate was reported to be 4.7% compared to the 4.8% expectation.
 
8:29am ET
[BRIEFING.COM] S&P futures vs fair value: +5.6. Nasdaq futures vs fair value: +4.5. Futures continue to point to a modestly higher opening. McDonald’s reported November same-store sales rose 8.2%, topping the consensus estimate that called for sales to rise 4.9%. The pending home sales report for October is the only item on today's economic calendar. It will be released at 10:00 ET.
 
I don't know.

I'm thinking the expected rate cut is now fully priced in here.

We've had a nice run up. What happens if the rate cut does not materialize, or, if it does materialize.

What do you think? Stay in for tomorrow? Or bail out today and keep the gain, on the chance that the Fed doesn't cut as much as expected, or not at all?
 
I don't know either.

I do wonder though if the rate cut has been priced in already, due to the recent upswing and all.

Also, from the high in October and the low in November, it has now gone beyond a 50% re-tracement between the two. This is what concerns me a bit for a possible correction/re-tracement again downward.

I am half and half on what may happen tomorrow.
 
Stay and play. Fresh money is coming in off the sidelines. A new trend is in the beginning stages of developing. Per Elliott, the longer term count continues to suggest that the current price pattern sequence from the 2002 lows is that of Primary 3 to the upside on the NYSE. Do not let the fear of the masses rule you. This market is going higher on fear.
 
Yes Birch, I am going to stay and play for tomorrow, with all in.

Although, If I feel tomorrow that the market is going to go up, I may go to G Fund for Wednesday and go from there.

For the most part, I do think I want to be fully in for the rest of the year.
 
Could be a "Buy on the rumor, sell on the news", scenario. I plan to pull back for a couple of days.
 
In corporate news, Texas Instruments (TXN) provided a mid-quarter update that raised the low end of its prior guidance ranges for earnings and revenue. On a negative note, Washington Mutual (WM) is cutting its quarterly dividend to $0.15 from $0.56 and will make an offering of convertible preferred stock in a bid to raise approximately $2.5 billion. Washington Mutual was downgraded to Sell from Hold at Citigroup, and Friedman billings cut its price target to $12 from $14.
 
Well, I pulled money out on Thursday thinking that we'd get a little pullback. We were flat Friday, and I thought we would retreat yesterday, but the market just keeps going higher. We are overbought right now. Aren't we up almost 8% in 2 weeks (from S&P 1410 to 1518 right now)? A pullback to around the S&P 1495 area would be healthy. I also think a Fed cut is already priced into the market. But who knows?
 
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