15 November 2012

SP 500 and NDX Futures Daily Charts

Stocks headed lower today on weaker than expected economic data in unemployment claims and the Philly Fed number. There was also some distressing news about fresh outbreaks of fighting in Gaza.

Hurricane Sandy will be affecting all the economic numbers for October, and therefore for the fourth quarter. It was an enormously destructive storm, with economic damage in the $40+ Billion range.

The markets are oversold short term. They could become even more oversold, but I suspect we are nearing the end of the tax selling as a result of the Obama win.

Let's see how tomorrow takes us into the weekend. As a reminded, next week will be holiday shortened in the States for Thanksgiving holiday. This is a good time to count our blessings.