The Wrap 11/23/10

{+++}Commodities were mixed for a second straight session. Grains (+1.2%) were the largest advancing group, while industrials (-1.6%) was the largest declining group. March cotton fell 5.1% to its lowest levels in a month. After the close GES, TIVO and VRGY were the most notable names that reported.

All ten sectors were in negative territory, led by energy (-1.9%), materials (-1.7%) and financials (-1.6%).

Tomorrow morning before the open, four economic report are scheduled to be released: MBA Mortgage Applications (Consensus NA), 2) Personal Income (Consensus 0.4%), Personal Spending (Consensus 0.6%) and PCE Prices — Core (Consensus 0.1%), 3) Durable Orders (Consensus -0.3%) and Durable Orders — ex transportation (Consensus 0.4%) and 4) Initial Claims (Consensus 442K) and Continuing Claims (Consensus 4280K).

Tomorrow before the open look for the following companies to report: DE, AMWD, FRO, SCMR, TIF.

As bad as today was, we didn’t see one stop. Could we get nailed tomorrow? Of course. The Korea’s were front page, but everyone was still worried about Portugal & Spain. Ireland is so two days ago. Maybe credit spreads and our market sell off is overdone, but time will tell. Tomorrow is Thanksgiving Eve, so I don’t see many long bets before that, especially with a maniac who is probably doing cocaine with his hands on too many buttons.

The financials are rolling over and I feel bad that I missed that entire trade, that’s my sweet spot and wheelhouse on the short side, but I was paying too much attention to other things.

This dollar rebound has been amazing and forceful, it will fail soon though, and materials and oil will be the place to be. I like nibbles in that space right here. I grabbed some more UYM, UPL  DO and MOS ( later not a P&L name yet) today near the end of trading. The sectors are getting short term oversold and could bounce big over the next few days.

I over traded today and had a stop sign put on my desk. My bad.

There are no new names tonight and wont be until next week most likely, as holiday trading and geopolitics are screwing up this party.

You all I know I lean bearish and have for so long, with that said, I think we get get one more big bounce higher, then we sharpen our swords and leave body parts.

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