Clarence Beeks will swing by this morning to wish everyone a happy holiday and deliver the October existing home sales (exp.5.35M). On Tuesday, he'll be announcing the Gross Domestic Product (exp. 3.8%, deflator 1.1%), October new home sales (exp. 987K) and the November Consumer Confidence (exp.85). Finally, he'll finish his week on Wednesday by announcing Personal Income (exp. .1%), Personal Spending (exp. .3%), Jobless Claims (exp. 385K), Durable Goods (exp. 1.7%. ex-tran. 1.1%), Chicago Purchasing Manager's Index (exp. 48.5) and the Ohio State University Sentiment Survey (exp. 85.2). Wow, he'll likely be pretty hungry by the time he heads up to Randolph and Mortimer's house for turkey dinner!
On the catalyst front, Tech Data highlights a (paltry) earning's parade and will be announcing their results after today's close. On Tuesday, the German IFO (business climate) will be released and, as that will color European sentiment, we should put it on our radar. Finally, in what will likely dominate the fundamental chatter, Novellus (NVLS), Sun Micro (SUNW) and Triquent (TQNT) will all be hosting their mid-quarter updates tomorrow.
In Minyanville news, here's the skinny. I'm scooting down to Rubyville to play SuperUncle on Wednesday morning and will likely be posting my last column of the week Tuesday evening. I will be "on call" during Wednesday's economic releases and will try to get some thoughts up but, for all intensive purposes, I'll be turning my attention to my family and the important stuff. The interim site will remain up through the weekend and you'll be able to use it with complete functionality. Late Sunday night, the critters will be closing the curtain for one day only and preparing for the Tuesday's Grand Opening. I can assure you that it'll be worth the wait, fellow Minyans, as we've got some surprises for you!
As we edge our way to Fat Thursday, the trading ranks will be thinning in anticipation. As such, understand the potential for exacerbated moves in the marketplace and adjust your approach accordingly. There's a ton of performance anxiety in the street and emotional remains is a powerful animal. We'll need to balance the potential chasers against the reality that the most vicious of rallies occur in a bear market. One step at a time, cookie, as we gobble our way through the muck.
Good luck today.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at email@example.com.
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