Veteran trader and Sevens Report Research founder Tom Essaye recently told Yahoo Finance that this kind of “short-term volatility is something we all have to get more used to.” Traders will find that the herd mentality of algorithms, coupled with their wild swings, will price many out of participating in the market entirely. Click here to read the full article.
“The market was very overbought at the end of last week. Nothing really new has occurred to push the market up in…” said Sevens Report‘s Tom Essaye.
“The best-performing Q4 sectors are leading to the downside today, and that implies some short-term selling and people positioning before year-end. The market was very overbought at the end of last week. Nothing really…” said Tom Essaye, founder of the Sevens Report.
“Stocks are grinding relentlessly higher into year-end on continued momentum from the positive resolution of four key events: A phase one trade deal…” Tom Essaye, founder of Sevens Report, said Monday. Click here to read the full article.
“Stocks are grinding relentlessly higher into year-end on continued momentum from the positive resolution of four key events: A phase one trade deal, a dovish Fed…” Tom Essaye, founder of Sevens Report, said Monday. Click here to read the full article.
“Stocks are grinding relentlessly higher into year-end on continued momentum from the positive resolution of four key events: A phase one trade deal…” says Sevens Report founder Tom Essaye. Click here to read the full article.
“Stocks are grinding relentlessly higher into year-end on continued momentum from the positive resolution of four key events: A phase one trade deal…” Tom Essaye, the founder of Sevens Report, said in a note. Click here to read the full article.
What’s in Today’s Report:
Futures are marginally higher following a good report on retail sales by Mastercard. Trading is quiet, however, as most of Europe, Hong Kong and Australia are closed for Boxing Day.
Mastercard (MA) posted preliminary estimates for 2019 holiday spending and they appear stronger than expectations, and that’s helping send futures higher.
There was no “Christmas surprise” from North Korea although a missile launch is still expected in the coming days (but even if it happens, it shouldn’t impact markets much).
The only notable number out today is Jobless Claims (E: 223K), and we’ll want to see the continued unwind of the Thanksgiving spike higher in claims that occurred two weeks ago.
What’s in Today’s Report:
U.S. stock futures are trading higher and most overseas markets rallied overnight thanks to another wave of optimism for a “phase one” trade deal as traders look ahead to a busy morning of domestic economic releases.
This time it was President Trump who said the U.S. and China were in the “final throes of a very important deal” late yesterday, stoking more risk-on money flows overnight.
Today, attendance will noticeably thin out ahead of the Thanksgiving holiday and volumes are expected to be light.
But, there are several important economic reports due out today: Durable Goods Orders (E: -0.7%), GDP (1.9%), Jobless Claims (E: 219K), and Core PCE Price Index (E: 0.2%).
A rebounding economy is largely priced into stocks at these lofty levels so any significant disappointments out of this morning’s data could trigger some profit taking into the Thanksgiving holiday.
Aside from the economic data, there are no Fed officials scheduled to speak today which will leave investors focused on any new chatter on the trade war as it remains the single biggest influence on markets right now.
“The market still expects a phase one deal that (most importantly) removes the threat of any further escalation in the trade war. But unless there is a material positive surprise, phase one is not going to include material existing tariff reductions…” said Tom Essaye, the founder of The Sevens Report, in a note. Click here to read the full article.
