1. Earlier today, we got the initial weekly claims report. The number was 712K new claims. This was better than the expected 775K new claims. Continuing claims for the week ending November 21 decreased by 569,000 to 5.520 million. Overall, the stock market is hanging in well.
2.As for the markets, they are still holding up well today. I do not see any problems right now. Seasonality trends are in place and the volume has been light. That is favorable for the markets right now. Russell 2k keeps making new highs and leadership. Seasonality is in play. Volume has been. Energy and Financials are the new market leaders. A lot of the beaten down retail names have come back with a vengeance. Even Macy’s is now over $11. At one point it was below $5 per share. A question of survival of the fittest. When they make these big moves
3. Gold/silver GLD is up slightly. Gold futures are up 4.70. It’s a nice rebound, probably a technical bounce. So far 1800 is support for gold but could test 1700. Silver is a little tougher to chart. More work.
