Firstly, a big 'Welcome Back' to Highlandlad, from a nice sunny Qld holiday - hope you had a fantastic time. You'll be pleased to know Aksier, Haspete & Endless all did a great job in your absence, but they all admit they could never replace You - lol!
DOW Snapshot from previous trading session
" U.S. stocks closed out a wild week with a lackluster finish. In the final stretch, stocks ended Friday's trading session just above the break even point. Overall, the three indexes were barely changed from their close a week ago. With no economic data or major corporate reports on the day's agenda, volume was light as investors took a breather after the prior day's advance. "The market was trying to shake off a general malaise all day," said Rich Ilczyszyn, market strategist with futures broker Lind-Waldock. "Trading was very quiet, and it just kind of grinded up at the end."
Concerns about Irish bank bailouts, China clamping down on inflation and more backlash against the Fed's bond-buying spree all pummeled stocks in the first half of the week. Then on Thursday investors perked up again after General Motors raised $20.1 billion in an initial public offering, with shares debuting on the NYSE Thursday. After a wild ride last week, stocks could be in for a more volatility going into Thanksgiving. Even though trading is likely to be light during the shortened holiday week, traders say they'll be closely watching a number of key economic reports that could be major market movers on Tuesday and Wednesday. New data is expected to shine some light on the housing market, consumer income and spending, jobs and the growth of the overall economy.
Wall Street also has one eye on the Federal Reserve's stimulus plan and another on instability in Europe -- especially as Ireland is in talks with the International Monetary Fund regarding a bailout for its struggling banking sector. Some traders are guardedly optimistic that the Fed's $600 billion bond-buying spree will stimulate spending and growth. But the plan, referred to as quantitative easing, has also drawn backlash from others who think it could fuel asset bubbles or runaway inflation.
"The market has had a heck of a run, if you look at it from August to November. A lot of this run has been forced by liquidity, and once that injection of cash stops, I think we are suspect here," said Rich Ilczyszyn, a market strategist with Lind-Waldock.
If the data that comes in the next few days shows the glass is still half empty when it comes to the economy, Ilczyszyn said it could mean stocks take a hit.
"Jobs are still missing in this rally, housing prices are still relatively weak, earnings were better because the bar was so low, and ultimately, there's not a real big reason to buy stocks," he said.
Traders will also keep looking for any clues as to whether the Bush tax cuts will live on, said Cameron Short, senior vice president of investments at Stifel Nicolaus.
"There's substantial thought right now that you're going to see the Bush tax cuts extended," he said. "We would love to know before December 31 so we can take that into account." " [Source: cnnmoney.com]
The DJIA Index finished the trading session Up 22.32; and The SPI Futures are currently: Up 6 pts atm.
Of note in the US this evening:
Please note there is no noteworthy 'Economic news' due to be released in the US this evening;
...AND...
Of note in Australia today:
Please note there is no noteworthy 'Economic news' due to be reported in Australia today either.
Gold is currently trading Up $0.60 & is sitting at US$1,354.10/oz atm [Source: Kitco] Oil is currently trading Down $0.44 & is sitting at US$81.98/bbl atm [Source: Bloomberg] The Dollar: The AUD is currently trading @ 0.9888 cents against the US Dollar[Source: Forex. Live]
