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Investors continued to position themselves on the long side ahead of next week’s interest rate decision as well as Friday’s much anticipated jobs report. Although index futures pointed to a much higher open early in the morning,...
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Investors continued to position themselves on the long side ahead of next week’s interest rate decision as well as Friday’s much anticipated jobs report. Although index futures pointed to a much higher open early in the morning, they began to weaken significantly as the bell approached, likely due to some very mixed November sales reports from individual retailers. More specifically, Target, which posted strong year-over-year gains, had some cautious comments regarding its outlook for December, which in turn fueled concerns that stores are starting see the effects of higher gas prices and a poor real estate market on consumer spending. Be that as it may, buyers pounced on the ensuing flat open, sending each of the major indices higher throughout the morning. However, it wasn’t until after Treasury Secretary Paulson finished outlining his plan to provide relief to certain subprime borrowers that the action really caught fire. As the day wound down, the averages as well as each of the major S&P sectors shot higher straight into the close. Whether or not the spike into the close was driven by shorts covering their positions -- especially in the home builders -- or by genuine buying interest by the bulls, the moves over the past two days have left the indices quite extended in the short-term.
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As we all know, extended markets are perfectly capable of becoming even more extended, so it will be interesting to see how this market reacts to Friday’s jobs data. The biggest thing that many market participants are wrestling...
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