1:00 PM CT
Auto Sales Prior 5.4M
Truck Sales Prior 6.5M
European stocks were down for the 3rd straight day and Asian markets were down with the exception of the Nikkei 225 which ended up 0.6%. The markets will get off to a tough start this morning despite yesterday's decent cyber Monday sales and the expectation of a strong auto and truck sales number. It appears the markets are becoming skittish as the Fed meeting nears. The meeting will take place on the 17th and 18th of this month. If the lead up to the October meeting is any indication, good news may be seen as negative and bad news as positive for the next couple of weeks. Trade wisely.
ISM and construction spending saved the day. The equities were grinding lower throughout the morning. Then the ISM Index number showed the fastest expansion since May 2011 and further growth in both new orders and the employment components. Construction spending also came in better than expectations at 0.8% for October. All the positive economic data helped lend support to the markets in the face of a somewhat dismal start to the holiday retail shopping season. The S&P ended down only -4.40 to settle at 1799.70. Gold on the other hand took a beating on the good news losing -28.5 to settle at 1221.9. It seems that gold traders believe any good economic news makes Big Daddy more likely to call last call.