For Thursday:
"Yet, the hope that the Federal Reserve will cut a key interest rate for a third time this year to energize the economy sent stocks soaring on Wall Street. The Dow Jones industrials jumped for the second day in a row, gaining 331.01 points to close at 13,289.45. It marked the index's biggest two-day point gain in five years." writes Jeannine Aversa of the Associated Press.
Hopes and fears is what is driving the markets lately. We reported to you on Monday that the Fed is going to cut rates again - but this is a quick fix for a LARGE problem. The key will be to look at Open Interest in the morning - a negative number indicates the bear trend will continue - large positive number indicates a true trend change -
I am still thinking this was a relief rally - still biased towards the downside.
Tomorrow is the last day the December contract will be the lead month for the T-Bonds; Friday morning we'll start trading the March '08 contract. E-mini S&P's and Russell will rollover on the 13th.
Upcoming Reports:
GDP (preliminary) 8:30ET
Jobless Claims 8:30ET
Help Wanted Index 10:00ET
New Home Sales 10:00ET
Huge Volatility Ahead - a great chance to make some money.
Support and Resistance Numbers for Thursday, Nov 29th:
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