Last day of trading for the month of November – hopefully some you aren’t still stuck in the Thanksgiving traffic and are back in the safety and comfort of your trading desk. Typically, with the last day of the trading month, the big-boys like to do some window-dressing which tends to push stocks higher. However, with the Dubai debacle at front an center, there is some serious matters to weigh for the market as a whole.
Overnight, the Asian markets were up solid, over 3.2% on the Hang Seng, and 2.9% on the Nikkei. But in the European markets, the indices are down a little over 1%. The US Futures are currently down 6 points on the Dow, and 3 points and 2 points on the Nasdaq and S&P respectively. The only significant report coming out this morning is the Chicago PMI.
Here are Today’s Trade Setups…
Bullish Candle Setups: ITG, MTU
Bearish Candle Setups: None
Stocks Ready to Bounce: THRX, UUP
Stocks Ready to Pullback: AIPC, IOC, FRX, DDS, NVS, JST
Breakout Stocks: EBR
Breakdown Stocks: ACE, BTI