Tomorrow is the ISM Services, but on Wednesday we will see the unemployment claims, Challenger job cuts, and Advance GDP for Q3.
The jobs related data takes on some importance because we will be getting the October Non-Farm Payrolls report on Friday, along with Personal Income and Spending, and the Michigan Sentiment reading for November.
Twitter IPO looms and today we hear that the price of the IPO is getting kicked higher because it is 'sold out.'
There is an interesting dynamic going on here with the Twitter IPO. There is of course a desire for the principals not to leave too much on the table with a lowball offering price. But at the same time they do not wish to price too aggressively and end up with an embarrassment like Facebook had been.
The gaming going on for those being granted shares is quite heated I hear, and there is some desire to ramp the price after the offering comes to market, in order for the flippers to cash in over the following two or three weeks with a healthy profit. The stock market will have its year end wind at their backs.
So you see how that dynamic is setting up. The company does need the cash, since they have little cash flow of their own, so pricing higher is a definite plus.
And over this web of intrigue and varied interest hovers the mighty vampire quid, Goldman Sachs.
I have a feeling that this one is going to signal a high water mark of some sort, exactly what I am not yet sure.
Have a pleasant evening.
