“I celebrated Thanksgiving in an old-fashioned way. I invited everyone in my neighborhood to my house, we had an enormous feast, and then I killed them and took their land.” –Jon Stewart
Today’s sentiment will definitely be driven by the FOMC minutes from yesterday, especially by the better-than-expected forecast regarding growth and the fact that interest rates will remain low in 2010,if not for eternity. Central bankers also expect the unemployment rate, which hit a hit a 26-year high of 10.2% in November, to stay in the range of 9.3% to 9.7% next year. That’s a slightly more positive projection that the Fed’s June forecast.
We will receive a string of economic data today, including the final November reading of the University of Michigan’s consumer sentiment survey that’s due at 10 a.m. Eastern.
Also on tap at 8:30 a.m. are weekly initial jobless claims, durable goods orders and personal income. New home sales for October will be released at 10 a.m.
Futures are higher and gold is making more record highs.
I wish everyone a happy, safe and blessed Thanksgiving. Enjoy your families and forget about stocks.
Wednesday, November 25, 2009