First off…it is Thanksgiving week. THINK ABOUT DOING SOMETHING FOR SOMEONE YOU NEED ABSOLUTELY NOTHING FROM!
Pullback? That’s no pullback. The big 4 had a minor pullback. No biggie! For sure, there are a few things to watch but as a while, the big 4 have hardly budged even though sentiment is extremely bullish and a few areas may be having some problems. There are just about as many NEW YEARLY LOWS as HIGHS…which is quite amazing.
RUSSELL 2000still cannot get above intermediate term resistance but close. TRANSPORTS not as strong.
KLAC, AMAT, LRCX…to be watched. SEMIS always important. Names like MU, XLNX gross but names like AMD strong so becoming more of a mixed bag.
BIG FINANCIALS fine with XLF poised to move out of a shorter base.
Watch STEEL (SLX) Yes…we said STEEL. Could be emerging.
GOLD/GOLD STOCKS while not bearish, continue to love below 50 day. So far, just a correction off the last move but no biggie so far.
POWELL still on a run rate of $1.5 trillion of QE which is a lot more than Bernanke did when we had 9% unemployment and worries about the financial system were front and center. Look no further as to why we just had another bump up. The market bottomed the day the news was leaked and ramped the day he announced it while being interviewed at an economics club…BUT DON’T CALL IT QE!