Market Will Grind Higher – FOMC Will Not Be A Factor For Another Week

November 28, 2016
Author: Peter Stolcers, Founder of OneOption

Posted 9:30 AM ET - We had a nice little rally on Friday and we are giving some of that back today. Black Fri was not good for brick and mortar stores (-10%). but it was good for online sales. According to Reuters, overall sales were up 21.6% with a third coming from mobile. Adobe said sales were up 18% according to their estimates. I am expecting a decent bid to the market. We have seasonal strength and the market is making a new all-time high The Dec FOMC is on the 14th so we have a little time before that weighs on the market. ADP, ISM, official PMIs and the jobs report will keep the market moving this week. I still like trading from the long side. Once support is established I will start buying today. The action could be slow today after a holiday week. Volume should improve as the week wears on. Favor the long side. . . image

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