Futures vs FV: SP500 +3.13; DJ +53.82; NASDAQ +5.24
US stock futures are set to open higher again as Thanksgiving week continues the overall upside post-election bias.
Trade balance: Surprises to the negative side with a trade imbalance growing. That will detract from GDP as US consumers buy more goods but sell fewer. The conundrum with how the US measures its economy using GDP. Just looking at what is produced here penalizes the economic outlook because historically when the US consumer and businesses feel better, they buy more foreign goods as well as US goods.
Wholesale Sales, Advanced Oct: -0.4% vs 0.2% exp vs 0.1% prior (from 0.2%)
Of course most stories surround Black Friday. Mixed stories.
Reuters: "store traffic subdued."
Yet, TGT claims its best Thanksgiving sales ever.
As usual, we will know when we know, i.e. when all the nubmers are in.
OTHER MARKETS
Bonds: 2.373% vs 2.355%. 10 year continues to fall.
EUR/USD: 1.0594 vs 1.0555
USD/JPY 112.94 VS 112.495
Oil: 47.39, -0.58. Saudi Arabia refuses to attend non-OPEC producers' meeting
Gold: 1189.00, -3.40
Futures are holding gains toward the open, actually improving. This is just a half day session, closing at 1:00ET. Many big money traders are often off these days though with the post-election rally there may be more than usual logging in at work.
Half-day sessions can be tricky as the weekend is long and head fakes are possible. We will look at the good plays we have and see if they show good moves. We can always pick up some partials on the day if we don't want to get in heavy.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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