Major averages were up slightly on low holiday, half-day volume. Major averages are less than 2% from all-time highs. While this time of year is seasonally strong, and the S&P 500 has shown itself to be up from here until the end of the year over the last 12 years, stops should still be kept extra tight and profits taken when you have them in context with the chart and general market as we have discussed in detail in our webinars and emailed reports.
The European Central Bank meets this Thursday to confirm if they will be fueling additional quantitative easing into the system. Given the trend of QE in central banks around the world, odds favor additional easing.
Nevertheless, the Federal Reserve looks to hike rates for the first time in a decade. The important jobs report comes this Friday. Odds favor a continuation of the strong jobs data trend as job openings are near peak levels, and hiring at nearly a one-year high.
Analysts predict a 205,000 increase in jobs on the heels of the strong 271,000 new jobs in October. Unemployment is predicted to hold steady at a low 5%.
Of course, while these numbers are "painted", what is important is market perception. So far, the news of an impending hike has pushed markets higher. CME FedWatch puts the odds of a rate hike at 78%.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
