Some days are better than others. Today is not a “some”; it is an “other.” For some reason, the morning just started off with irritation. I suspect I am tired after driving for hour upon hour to get back home after Thanksgiving with family, and I did not get a good sleep last night …
The market also seemed to get out bed on the wrong side this morning, but it hasn’t turned on me. Three of my four trades are moving in the green so far this morning. I do wonder, though, if the market is tired as well from the Thanksgiving holiday. The decent PMI data out of the US, China, and Europe did not seem to move the market positively.
- The ISM (Institute of Supply Management) Manufacturing index shows that the manufacturing sector of the U.S. economy continued to improve in November. The all-important index, which is a proxy for the state of the manufacturing sector, was reported at 57.3. The reading was above the consensus estimate for a reading of 55.3 and last month’s 56.4.
- China’s factory growth held at an 18-month high in November on firm domestic and foreign demand, defying expectations the economy faces a modest slowdown as 2013 draws to a close.
- Data indicated that manufacturing in the euro zone grew at its fastest pace since June 2011.
The market seems rather listless, much like I feel. Well, overeating, lack of sleep, and exhaustive interactions with family are the hallmarks of Thanksgiving. So, if the market is simply “hung over” from too much holiday, then we should expect it to perk up tomorrow, unless, of course, the good news is bad news thing is still in play.
This week will be an interesting one for the market, if the above is true. The economic data coming out this week could turn the market one way or the other. Coming out are the jobs report for November, as well as data on consumer spending, home sales, and manufacturing activity (we saw some today). Watch for the update on third-quarter growth too. Which way the market will go when the data arrives depends on what the mindset is – good news is bad news or positive fundamentals are a good thing.
I don’t have much else to contribute this morning, other than to say the annual winter melt up seems to be in place, so now is a good time to make some money in the market. I’d like to go out for a run, you know, to sweat out all that turkey, mashed potatoes, stuffing, and gravy, but I just don’t have the energy. Frankly, I’d rather go take a nap. Before, I go, however, I will take one more quick look at the market.
My trades are a bit higher in the green and the DIJA has moved out from the red and into the green. Looks like some money will be made today.
Trade in the day; Invest in your life …
