DOW - what can we expect tomorrow and Friday?
Despite all the bad economic news of late, the DOW has held up relatively well so far this week - even rising to meet its 50-day Moving Average (MA 50 in chart below).
I do believe however, the tide is likely to turn tomorrow and Friday's close may be significantly lower than today's close.
Why do I feel this way? Take a look at the economic data scheduled for release over the next two days (below chart). If Initial Jobless Claims, Retail Sales and Mich Sentiment come in worse than anticipated, look out below.
With that said, I'm just a little Joe Schmuck armed with a small computer and a little common sense... so, if a bumpkin like me can sense the potential for a nice downturn, I guarantee you the PPT is also watching - therefore, be prepared... If the data comes in bad, expect to see some wild volatility over the next couple of days, as the PPT tries to plug holes and backfill the falling markets with your freshly infused taxpayer-owed cash.
Dec 11 08:30 Export Prices ex-ag. Nov
Dec 11 08:30 Import Prices ex-oil Nov
Dec 11 08:30 Initial Claims 12/06 (This is a biggie)
Dec 11 08:30 Trade Balance Oct
Dec 12 08:30 Core PPI Nov
Dec 12 08:30 PPI Nov
Dec 12 08:30 Retail Sales Nov (Another Biggie)
Dec 12 08:30 Retail Sales ex-auto Nov
Dec 12 10:00 Business Inventories Oct
Dec 12 10:00 Mich Sentiment-Prel. Dec (Pretty big also)