Short Selling
Swing Trader
Market Reflections ... Monday - Nov 24, 2003
The dollar rallied sharply Monday on profit-taking following last week's sharp losses, ending at $1.1760 per euro vs. $1.1920 late Friday. Stocks also rallied sharply, and like the dollar the gains were not news driven. The Dow industrials rose 119.26 to 9,747.79 and the Nasdaq rose 53.26 to 1,947.14. With no economic data in the session, bonds dipped on profit-taking following strong gains last week. Oil ended down on profit-taking, off about $2 to under $30 per barrel, as did gold, down about $4 to $391 per ounce.
Market Focus ... Tuesday - Nov 25, 2003
If first revision to third-quarter GDP breaks 8 percent, the data could be the talk of the session. Existing home sales and consumer confidence, nevertheless, will offer more timely data.
GDP 8:30 ET
The Commerce Department's initial estimate revealed that real GDP expanded at a torrid 7.2 percent rate in the third quarter after growing at a moderate 3.3 percent rate in the second quarter. Revisions to retail sales along with new figures for September inventories and international trade will determine whether the revisions will show more or less growth than the initial estimate. In any case, economists are generally looking for slower growth in the fourth quarter.
Real GDP Consensus Forecast for Q3 03: 7.8 percent annual rate
Range: 7.0 to 8.3 percent annual rate
GDP deflator Consensus Forecast for Q3 03: 1.7 percent annual rate
Range: 1.6 to 1.8 percent annual rate
Existing Home Sales 10:00 ET
Existing single family home sales increased 3.6 percent in September to reach a 6.69 million unit pace for the month, the third straight monthly gain and another new high. The housing market continues to benefit from a low interest rate environment. Starts of single family homes increased again in October and this may bode well for October home sales as well.
Existing home sales Consensus Forecast for Nov 03: 6.55 million unit rate
Range: 6.20 to 6.75 million unit rate
Consumer Confidence 10:00 ET
The Conference Board's consumer confidence index rose four points in October to 81.1 putting the index above year ago levels for the first time this year. It wouldn't be surprising to see the confidence index start to pick up as labor market conditions improve.
Consumer confidence Consensus Forecast for Nov 03: 85
Range: 82 to 88.5
The dollar rallied sharply Monday on profit-taking following last week's sharp losses, ending at $1.1760 per euro vs. $1.1920 late Friday. Stocks also rallied sharply, and like the dollar the gains were not news driven. The Dow industrials rose 119.26 to 9,747.79 and the Nasdaq rose 53.26 to 1,947.14. With no economic data in the session, bonds dipped on profit-taking following strong gains last week. Oil ended down on profit-taking, off about $2 to under $30 per barrel, as did gold, down about $4 to $391 per ounce.
Market Focus ... Tuesday - Nov 25, 2003
If first revision to third-quarter GDP breaks 8 percent, the data could be the talk of the session. Existing home sales and consumer confidence, nevertheless, will offer more timely data.
GDP 8:30 ET
The Commerce Department's initial estimate revealed that real GDP expanded at a torrid 7.2 percent rate in the third quarter after growing at a moderate 3.3 percent rate in the second quarter. Revisions to retail sales along with new figures for September inventories and international trade will determine whether the revisions will show more or less growth than the initial estimate. In any case, economists are generally looking for slower growth in the fourth quarter.
Real GDP Consensus Forecast for Q3 03: 7.8 percent annual rate
Range: 7.0 to 8.3 percent annual rate
GDP deflator Consensus Forecast for Q3 03: 1.7 percent annual rate
Range: 1.6 to 1.8 percent annual rate
Existing Home Sales 10:00 ET
Existing single family home sales increased 3.6 percent in September to reach a 6.69 million unit pace for the month, the third straight monthly gain and another new high. The housing market continues to benefit from a low interest rate environment. Starts of single family homes increased again in October and this may bode well for October home sales as well.
Existing home sales Consensus Forecast for Nov 03: 6.55 million unit rate
Range: 6.20 to 6.75 million unit rate
Consumer Confidence 10:00 ET
The Conference Board's consumer confidence index rose four points in October to 81.1 putting the index above year ago levels for the first time this year. It wouldn't be surprising to see the confidence index start to pick up as labor market conditions improve.
Consumer confidence Consensus Forecast for Nov 03: 85
Range: 82 to 88.5