As $SPY makes a new high on this thinly traded Wednesday, the scenario for bears is an easy call: Your asses are doomed. The Turks shooting down a Soviet fighter YESTERDAY was your last chance to cover, that window has closed and you need to stock up on $.99/lb frozen butterballs if you want to make it through the winter.
Here’s the rundown of economic data out today :
First-time jobless claims fell by 12,000 to 260,000 last week, the lowest number in a month. Consensus was for 270,000 claims.
Durable Goods orders rose 3%, faster than the 2.1% gain forecast, but down year-over-year.
The Conference Board’s Consumer Confidence Index fell to 90.4 in November, missing estimates for 99.5. It was also lower than October’s reading of 99.1.
Lovely note from the Atlanta Fed:
The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2015 is 1.8 percent on November 25, down from 2.3 percent on November 18. The forecast for the fourth-quarter rate of real consumer spending declined from 3.1 percent to 2.2 percent after this morning’s personal income and outlays release from the U.S. Bureau of Economic Analysis.
Meh.
A rate increase has already been factored into the market, if the FOMC delays this again…. moonshot.
Crude loves this level and despite the world being awash in it, its not going to $20.
If you are short, it is going to be a very cold, bleak dreary winter.
$SPY will be at 212 by FOMC meeting.
Enjoy the Holidays!
If you enjoy the content at iBankCoin, please follow us on Twitter
