Wk47: Market Recap

30 Nov

The shortened holiday week was not short of surprises. With the news about Dubai World’s asset woes, downward revision to 3rd quarter GDP, rise in new home sales, and a slew of other economic data, left the markets slightly lower on the week.
We have been chopping between the 1114 and 1085 level on the S&P500 and a break outside of these levels will be key in the week ahead. The chop has produced two inverted hammers on the weekly chart of the S&P.
The dollar spiked lower on Wednesday, but immediately snapped back to the $75 area. We will continue to monitor the price action in the coming weeks. As the markets have been acting inversely to the dollar a breakdown in the dollar should lead to higher stock prices.

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