Scalper1 News
Major averages were up slightly on low holiday, half-day volume. Major averages are less than 2% from all-time highs. While this time of year is seasonally strong, and the S&P 500 has shown itself to be up from here until the end of the year over the last 12 years, stops should still be kept extra tight and profits taken when you have them in context with the chart and general market as we have discussed in detail in our webinars and emailed reports. The European Central Bank meets this Thursday to confirm if they will be fueling additional quantitative easing into the system. Given the trend of QE in central banks around the world, odds favor additional easing. Nevertheless, the Federal Reserve looks to hike rates for the first time in a decade. The important jobs report comes this Friday. Odds favor a continuation of the strong jobs data trend as job openings are near peak levels, and hiring at nearly a one-year high. Analysts predict a 205,000 increase in jobs on the heels of the strong 271,000 new jobs in October. Unemployment is predicted to hold steady at a low 5%. Of course, while these numbers are “painted”, what is important is market perception. So far, the news of an impending hike has pushed markets higher. CME FedWatch puts the odds of a rate hike at 78%. Scalper1 News
Scalper1 News