Morning Market Look: Two Percent Days Are Cool


U.S futures are higher this morning, crude is down and gold is slightly higher. Soft commodities are lower and global futures are catching a nice rip.

The face melting, eye popping , head twisting G force rally finally appeared yesterday in all its oversold short covering glory. The market may not reflect the economy, but it does reflect the moves in Washington. Basically there is still  no deal, and we’ve only kicked the can to Thanksgiving, but the market loved the attempt to resolve. Its not like Boehner and Reid were slamming shots with ties around their heads and “high fiving” last night. They still detest each other. Pelosi was doing a table dance, but didn’t know why.

$JPM reported their first quarterly loss since Jamie Dimon took the reigns. Too bad a gargantuan amount of their cash was earmarked to pay government fines. I guess the feds forgot that they begged Jamie to buy Bear Stearns and Washington Mutual who  were at deaths door five years ago.  Nice to a have friends  who remember. The number would have been pretty decent if you net out the SEC fines and other levies.

Yesterday was monster. We gapped and then went higher. Biotech exploded ($IBB), as well as everything else. The market was up 2% but some stocks popped 10-15%.

$WFC reports at 8:30.

China auto sales surged 21% $FXI

Adding to longs in $DXJ and started a position in $IFN yesterday.

This market continues higher into year end. Play nice in the sand box and have a nice weekend.

Come by for a trial





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