David Moenning Daily State of the Markets: 11/28
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Encore!
It will suffice to say that the bulls have put on quite a show lately. The audience seems to love the performance and has been on their feet applauding with five straight weeks of gains and an additional 700 points on the DJIA. The plotline has been easy to follow and very enjoyable to watch as our hero (the economy) has overcome adversity (hurricanes and oil prices) and although there are a few acts yet to play out, appears to be on the verge of triumph over the villain (played by none other than the Fed�s Alan Greenspan). The question now of course, is what will the bulls do for an encore?
The most recent acts in this production were met with rave reviews. Wednesday�s market surged 45 points in response to lower oil prices and a surprisingly stronger-than-expected report on Consumer Sentiment from the University of Michigan. Then during Friday�s abbreviated session, the sparse crowd gave thanks for a spirited start to the shopping season.
Putting the playbill theme aside for a moment, it is obvious that the bulls are enjoying a strong end-of-the-year run. The combination of lower oil prices, hints that the Fed is about done, a happier consumer, and better-than-expected economic numbers has allowed stocks to climb into the black for the year.
Turning to this morning, the positive shopping data seems to be receiving some applause and may inspire traders to take stocks higher once again at the open. There isn�t any additional economic news to report on before the bell, but we will get a report on Existing Home Sales at 10:00 am. Running through this morning�s pre-game indicators, forecasts for warmer in the Northeast has oil on the defensive. Crude futures are trading lower by -$0.99 at the moment to $57.72. Bonds are continuing their recent rally, which has pushed the yield on the 10-yr down to 4.44% this morning. Overseas markets are mostly higher, and the futures in the U.S. are pointing to a mildly positive open.
And although stocks may open higher this morning, with stocks up 7 straight days and 5 weeks in a row, it is probably worth noting that the show�s intermission is probably close at hand.
Stocks "In Play" This Morning:
GOOG � CNBC reports GOOG has market cap 6 times greater than GM�s
RIMM � Reiterated Buy at AmTech
AAPL � Analysts see solid start to holiday sales
MRK � Announces major restructuring plan
YHOO � Legg Mason reduces to Hold
DE � Upgraded as Morgan Stanley
Disclosure: At the time of publication Mr. Moenning and/or related companies are long the following positions: YHOO
To see David Moenning�s Trading Record, his (Strong Buy) List, or the rank for any Top Guns Stocks, visit: http://www.AnotherWinningTrade.com/SI
It will suffice to say that the bulls have put on quite a show lately. The audience seems to love the performance and has been on their feet applauding with five straight weeks of gains and an additional 700 points on the DJIA. The plotline has been easy to follow and very enjoyable to watch as our hero (the economy) has overcome adversity (hurricanes and oil prices) and although there are a few acts yet to play out, appears to be on the verge of triumph over the villain (played by none other than the Fed�s Alan Greenspan). The question now of course, is what will the bulls do for an encore?
The most recent acts in this production were met with rave reviews. Wednesday�s market surged 45 points in response to lower oil prices and a surprisingly stronger-than-expected report on Consumer Sentiment from the University of Michigan. Then during Friday�s abbreviated session, the sparse crowd gave thanks for a spirited start to the shopping season.
Putting the playbill theme aside for a moment, it is obvious that the bulls are enjoying a strong end-of-the-year run. The combination of lower oil prices, hints that the Fed is about done, a happier consumer, and better-than-expected economic numbers has allowed stocks to climb into the black for the year.
Turning to this morning, the positive shopping data seems to be receiving some applause and may inspire traders to take stocks higher once again at the open. There isn�t any additional economic news to report on before the bell, but we will get a report on Existing Home Sales at 10:00 am. Running through this morning�s pre-game indicators, forecasts for warmer in the Northeast has oil on the defensive. Crude futures are trading lower by -$0.99 at the moment to $57.72. Bonds are continuing their recent rally, which has pushed the yield on the 10-yr down to 4.44% this morning. Overseas markets are mostly higher, and the futures in the U.S. are pointing to a mildly positive open.
And although stocks may open higher this morning, with stocks up 7 straight days and 5 weeks in a row, it is probably worth noting that the show�s intermission is probably close at hand.
Stocks "In Play" This Morning:
GOOG � CNBC reports GOOG has market cap 6 times greater than GM�s
RIMM � Reiterated Buy at AmTech
AAPL � Analysts see solid start to holiday sales
MRK � Announces major restructuring plan
YHOO � Legg Mason reduces to Hold
DE � Upgraded as Morgan Stanley
Disclosure: At the time of publication Mr. Moenning and/or related companies are long the following positions: YHOO
To see David Moenning�s Trading Record, his (Strong Buy) List, or the rank for any Top Guns Stocks, visit: http://www.AnotherWinningTrade.com/SI
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