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Monday, November 26, 2007

Has the Market Found a Bottom?

The bulls were sidelined ahead of the typically bullish Thanksgiving, though last Friday saw a nice trending market for half a session. A bullish engulfing bar is formed on S&P 500, but we need to see follow through in the days to come before calling a bottom because I don't give much weight to a half day session. Otherwise, we are still in a short term down trend.

Tue: National Home Price Index, Consumer Confidence
Notable earnings: AEO, ADI, DBRN, MRVL, SIGM

Wed: Existing Home Sales, Durable Orders, Fed Beige Book
Notable earnings: ARO, CWTR, MW, DLTR, SNDA

Thurs: GDP, GDP Deflator, New Home Sales
Notable earnings: DELL, OVTI, SHLD, VIP, ZUMZ

Fri:
Personal Income, Personal Spending, Core PCE Inflation, Chicago PMI, Construction Spending
Notable earnings: BIG, TIF

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