Market Recap: 11.18.2010

Tyler Durden's picture

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HarryWanger's picture

Pretty impressive day overall for equities and for good reason:

"Nov. 18 (Bloomberg) -- The index of U.S. leading indicators rose for a fourth consecutive month, manufacturing surged in the Philadelphia area and jobless claims climbed less than forecast, signaling the world’s largest economy is accelerating.


“The soft patch is behind us,” saidJonathan Basile, an economist at Credit Suisse in New York. “We have a little more momentum. Employers are getting a bit more optimistic about the outlook and don’t need to cut costs like before.”

The Conference Board’s gauge of the outlook for the next three to six months climbed 0.5 percent for a second consecutive time, capping the biggest back-to-back gains since February- March, the New York-based research group said today. Factories in the Philadelphia region expanded at the fastest pace of the year, and the number of workers seeking jobless benefits over the past four weeks fell to the lowest level in two years."

-Looks like we should continue higher into EOY on some nice tail winds.

CrashisOptimistic's picture

The real news of the day was the rumor that the Fed may provide stimulus lending to California.  It would be "no different than the ECB lending money to Greece."

It will be interesting to see what fiscal constraints the Fed imposes on the California government.

taraxias's picture

accelerating ?!?!?

This sounds like green shoots on steroids but hey when all you have left is the illusion, you best keep selling it.

HarryWanker is fast replacing Leo as ZH's perma bull.

TraderTimm's picture

I'm a bit torn. The indicator that I'm following flipped positive on today's flagpole-and-sideways action today. Not a surprise given how it opened. So, now I must begrudgingly be LONG on the indexes until it flips back.

I very much would like to see a flush-the-system plunge, but I can't fight what the prices are telling me. I *am* pleased, however, that GM crapped the punchbowl and settled near their daily low.

So, in short, I would LOVE to sell - but I don't dare. I'll update you guys if it changes.

Good trading!

Mercury's picture

VIX (or it's best derivitive) is getting close to BUY again.

max2205's picture

Omg. Csco. What a moron

5:40 PM Cisco (CSCO) CEO John Chambers apologizes for the weak FQ2 guidance that dropped his stock 20% last week. “We won’t surprise you very often, and I apologize that we did.” He hopes the FQ2 3-5% revenue growth estimate will prove conservative. 1 Comment [Tech]

Orly's picture

So you complain that no one is honest and along comes an honest CEO and he's a moron?

Have it both ways.  We don't mind.

 

putbuyer's picture

Buy rural land. it's coming

 

I'm betting the short side of Corp. Junk Bonds.

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