November 2010
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Stocks to Open Lower Ahead of Thanksgiving Holiday Week

November 22, 2010 – The futures are indicating lower openings for the broader markets this morning, as the Street’s focus turns back to the Fed’s QE2 program and positions for a holiday-shortened trading week.

In terms of key economic data, this is going to be a pretty busy week. Tomorrow we will get the second estimate on Q3 GDP, Existing Home Sales for October and the FOMC Meeting Minutes for November 3; on Wednesday we will get  MBA Mortgage Applications for 11/19, Personal Spending and Income Data for October, PCE Prices for October, Durable Orders for October, Weekly Jobless Claims, the Final November Michigan Sentiment report, New Home Sales for October, FHFA Home Price Index for Q3, and Weekly Crude Inventories.

The dollar is basically flat against the euro this morning, with the euro trading at $1.673. The euro will likely see a bit of strength in today’s session on Ireland’s banking sector bailout. What continues to be surprising is how resilient the dollar has been amidst rising national debt with an increasingly obvious scenario where gridlock prohibits Washington from delivering a plan to reduce it.

Gold is up $3.20 to $1,355.50. We continue to think the outlook for gold remains bullish as systemic risk builds in the U.S. economy.

Oil prices are up $0.21 to $82.19.

Oil prices have softened lately as traders recalibrate expectations for demand based on view of economic headwinds for broader economy. This morning’s relative strength is in response to news that Ireland agreed to a bailout of its banking sector.

In terms of what we expect in today’s session, look for downward pressure and low volume as traders are likely not going to be adding any positions ahead of the holiday and moving into tax selling season.


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