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Post: Friday - Dow 17,000? | Daily Delphi

BlogsPit Talk › Friday - Dow 17,000? November 22, 2013, 6:50 am

TODAY'S ACTION
9:00 AM CT
JOLTS - Job Openings Prior 3.883M

There isn't a whole lot of news hitting the market today. Traders will be looking at the JOLTS release to help assess the labor situation. But other than that there are only a couple of earnings reports of any note, Foot Locker and Petsmart. The markets may experience some mixed trade today as participants book profits going into the weekend. Trade strong

THURSDAY RECAP
The Dow Jones Industrial Average closed above 16,000 for the first time ever yesterday. That marks the 40th all time high in 2013. The S&P 500 had a good day also. The Dec contract closed up +14.00 to settle at 1793.70. The early morning data showed a strengthening labor market and subdued inflation. Initial Claims dropped by 21,000 last week and are near a 2 month low. Traders know that Big Daddy is watching the labor market but they also know how volatile the weekly claims number can be. Mid morning the November Philly Fed data came out weaker than expected at 6.5 down from last months 19.8. As is often the case the markets decided this was good news and would give cause for pause as the Fed tries to time their tapering decision.


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