Happy Friday

“A great obstacle to happiness is to anticipate too great a happiness.” – Euripides

U.S. stocks ended lower on Thursday, dragged lower by energy-related companies after a build in crude inventories, with the Dow Jones Industrial Average dropping 94 points, its first loss in seven sessions. The S&P 500 fell 11 points and the Nazzy lost 18 points. Data on November consumer sentiment, October import prices and the trade gap in September are due and  the trade number will likely help drive the dollar, which will again have an impact on risk assets.

The 1100 “zone” is obviously a formidable resistance level for now for the bulls and I ‘m watching 1080 as very short term support. The range is tightening so things should get interesting. The bond auction did not go as smoothly as some others yesterday and that helped jerk rates a bit higher and add to market caution. We’ll see if the bulls can shake it off today, they probably will at some point, as “real” sellers are hide to find these days.

Have a terrific weekend.

Friday, November 13, 2009

8:30am Sept Trade Balance (last -$30.7B), Oct Import Price Index (last m/m 0.1%, y/y -12%)
9:55am Nov prelim Univ of Michigan confidence (last 70.6)
10:30am Natural Gas Inventories
11:30am Fed’s Evans speaks on asset price bubbles in Paris. 8:30pm Fed’s Dudley speaks at Princeton. DG to launch IPO. EL shareholders meeting. Trades Ex-dividend: LLL $0.35, BKH $0.355.
Before the Open: ANF, A, JCP, TK, YGE.
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