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Shortened Week

November 22, 2010 – 6:08 pm

There was not any economic news this morning except a report that the U.S. economy is estimated to grow next year less than 3%. Still, growth in the high 2% range would be nice but it’s not really strong enough to put much of a dent in our unemployment rate.

The market at the opening appeared to react to the continuing worries over Ireland’s financial woes. I think it will turn out to be a non event for the major economies around the world, but apparently we have to go through the worry. Within an hour of opening the market began to recover.

Tomorrow on this holiday shortened week we will have the first report on the GDP growth for the third quarter. There will be two revised GDP numbers before we know the actual official number, but that will be two months away and no one will care by then. On Wednesday we will have a number of economic reports which should give us a direction for the market this week.

The volume will be light which could mean we will have a bout of volatility, but it does not mean the market will be down.

Good Trading
Steve Peasley

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