As you can see we have another negative divergence, this may be the early weakness that I suspected yesterday, we would see today to be followed by strength, if not later today (which I would normally think, but because traders will be leaving their desks early for the Hampton's it may have to wait) then shortly. The point really is that we get some movement with positive readings in to it that we can set some new leveraged long positions, I'd like to have another triple digit 1-day gainer like AAPL this week.
NASDAQ futures have a similar signal.
Of course we still have a little time for the indications to shift before the open, but we all have seen how the Futures tend to swing dramatically, often in the opposite direction of pre-market, as soon as the New York Bell rings-at least in early trade.
The EUR/USD has also recovered as you'd expect from lows of about 1.2735 to 1.2810.
Because of the Holiday tomorrow in the US and the shortened session on Friday, there's an early data dump today. Thus far Initial Claims are in with a slight beat.
| Released On 11/21/2012 8:30:00 AM For wk11/17, 2012 | ||||||||||||||||||||
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We also have Consumer Sentiment, Leading Indicators, EIA Petroleum Status and EIA Natural Gas report as well as a slew of bill and note announcements and a 10-year TIPS auction.
It should be an interesting day to see how the algos play the market later in the day when the humans leave early.
If anything substantial changes in pre-market I'll let you know, the next economic report, Consumer Sentiment, is due out at 9:55.
Released On 11/21/2012 8:30:00 AM For wk11/17, 2012
| Prior | Consensus | Consensus Range | Actual | |
| New Claims - Level | 439 K | 415 K | 380 K to 500 K | 410 K |
| 4-week Moving Average - Level | 383.75 K | 396.25 K | ||
| New Claims - Change | 78 K | -41 K |
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