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The popular averages closed narrowly mixed again on Friday amid little volatility or trading volume during the shortened trading session on the day after Thanksgiving. Significant macroeconomic reports were nonexistent. A big decline in the Shanghai stock market due to an investigation of potential violations by Chinese brokerages was largely ignored in America. Brick and mortar stores appear to be disappointed by Black Friday shopping which is increasingly done online. Meanwhile the prices of both crude oil and gold fell on Friday.
Above is my 3-
Rampant pessimism by pundits, advisers and investors during late summer returned the contrarian in me to optimism for the longer term. I sensed smart money accumulation during September, while the pundits were screaming doom and their listeners were still bailing out. Investors may have been anticipating the usual trough for October, but in recent years many of the normal seasonal turning points have been slowly advancing to earlier in the calendar year.
The SPY’s rebound September 29 and especially the huge intra-
November began with a two-
Now the record high of May is again within striking distance. A Santa Claus rally often follows the Thanksgiving weekend.
DISCLAIMER: Our commentaries are provided as general information and not investment recommendations. You are responsible for your own investment decisions. Our opinions are based on historical research and data believed to be reliable. There is no guarantee that results will be profitable. We are not responsible for errors or omissions. We may hold positions in vehicles that are mentioned.
© Curt Renz
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