Thursday, November 26, 2009

Midday Briefing for November 26th: Thanksgiving Day Massacre?



The S&P 500 e-mini (ES) futures (top chart) and the NASDAQ 100 (NQ) futures (bottom chart) have moved back into their October ranges, on the heels of reports concerning a delay in debt payments by Dubai World. On the heels of multiple non-confirmations that accompanied recent price highs in November, I will be watching closely to see if we take out the late October lows in such indicators as new highs/lows and advance/decline line. Also worth watching is the U.S. dollar, which may become a relative safe haven in the event of concerns regarding emerging market debt.
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5 comments:

zircon-212 said...

Most Americans probably don't know where the U.A.E are located let alone what Dubia is. The whatif scenario you often refer as a key pre-open step to go through must surely take into account the sovereign entity guaranting the bond payments and yet another bear trap. I'm not voicing my view just the other side of the coin. Ultimately the price action shows the way as it always does. Happy Thanksgiving!

Steveo said...

Ok, I am going to do a little victory lap here.....

Black Swans do not drift in, they are delivered by a cruise missile in the middle of the night, holidays, or on the weekend.

http://oahutrading.blogspot.com/2009/11/chart-o...

http://oahutrading.blogspot.com/2009/08/mania-c...

http://oahutrading.blogspot.com/2009/11/blow-of...

http://oahutrading.blogspot.com/2009/11/30-year...

As America tryptophans out and wakes up weary tomorrow, with half a trading day to "panic out with", this could be very interesting. Looks like nearly "perfect timing" by our financial overlords. Lots of Turkeys (aka Lemmings) getting cooked today.

RSFTrader said...

Let's see if we break the range lows!

Steveo said...

Sorry for double post, I hope these links work. Or you could visit.

http://oahutrading.blogspot.com/

Ok, I am going to do a little victory lap here.....

Black Swans do not drift in, they are delivered by a cruise missile in the middle of the night, holidays, or on the weekend.

http://oahutrading.blogspot.com/2009/11/chart-o...

http://oahutrading.blogspot.com/2009/08/mania-c...

http://oahutrading.blogspot.com/2009/11/blow-of...

http://oahutrading.blogspot.com/2009/11/30-year...

As America tryptophans out and wakes up weary tomorrow, with half a trading day to "panic out with", this could be very interesting. Looks like nearly "perfect timing" by our financial overlords. Lots of Turkeys (aka Lemmings) getting cooked today.

Arthur said...

Thanks for keep reminding us of KBW and XLF failure to make new high despite all time highs at SPX and DJIA.

Finally we knew the answer yesterday in a black swan disguised as Dubai World. You wouldn't knew how much I had to restraint myself from participating in this market madness.

Looks like time's coming to pick up good counters.

Happy Thanksgiving!

Art