News:
Markets moved somewhat lower on Monday as investors looked ahead to the Black Friday shopping spree that may or may not happen.
All 4 indexes posted modest losses…
- Dow Jones -0.1%
- Nasdaq -1.1%
- S&P 500 -0.4%
- Russell 2000 -0.6%
Sector Round Up
The sectors did not follow suit. 7 of 11 ended the day higher.
Leading the charge…
- Consumer Staples (XLP) +1.0%
- Real Estate (XLRE) +0.7%
Fearing light spending in the holiday season, Consumer Discretionary (XLY) fell the most, losing -1.5%
The other losers…
- Energy (XLE) -1.4%
- Technology (XLK) -1.1%
- Communications (XLC) -0.8%
Notable Names
OPEC+ is considering a significant production hike, according to the Wall Street Journal.
- If approved, the hike will mark a sharp reversal from the 2 million barrel per day cut last month
- 500,000 barrels per day is the proposed increase
- The final decision will happen at OPEC’s December 4th meeting
- The price of Crude Oil barely moved on the news
Tesla (TSLA^) fell 7% to a fresh two-year low.
- CEO Elon Musk appears very distracted running Twitter
- The carmaker recalled 321,000 vehicles to fix a taillight malfunctyion
- Its stock price is down 62% from its all-time highs set last November
Disney (DIS) rose 6% after announcing former CEO Bob Iger’s return.
- Shares of the entertainment giant fell about 14% after a poor earnings report earlier this month.
- On news of Iger’s return, its price rose as much as 10% intra-day but settled well off the highs.
- Iger, now 71, previously served as the company CEO from 2005-2020
- During his previous stewardship, the stock price rose about 400% … The S&P 500 rose about 140% over the same period.
Technicals:
The Tech-heavy Nasdaq is looking attractive here…
We’re eyeing the marked rising channel, which could provide risk levels for short-term trades.
Over the summer, we saw a similar pattern that delivered spectacular results.
- The VIX sank lower yesterday
- RSI levels are all neutral
- The Put-to-Call Ratio is neutral
Timing:
Only two full trading days remain this week.
Tomorrow we’ll get the Fed Minutes before heading into the holiday.
Futures are pointing higher this morning…
Watchlist:
*Low Float
^Open Position
*CFMS is on watch
*NINE support at $10
*UCL on watch
PDSB resistance at $9
IMMR resistance at $7
PBYI support at $4
^IMVT support at $13
WNC support at $24
GLYC on watch
MGNX support at $6.50
^CROX support at $85
^RYAM support at $7
PRQR on watch
PRVB support at $8
IGT resistance at $25
ADMA support at $2.85
^ARDX support at $2
VVNT support at $9, resistance at $10
MMAT support at $2
TME resistance at $6
GILD resistance at $84