Monday, November 23, 2020 – DIA 295.89 +1.15%, QQQ 290.39 Flat, SPY 357.46 +.60%
The Markit Manufacturing PMI preliminary November reading came in higher than expected 56.7% vs. 53. The Markit Services PMI preliminary came in higher as well 57.7% vs. 55.3%. The Chicago Fed Reserve National Activity Index came in at 83. A zero value or above for the CFNAI has been associated with the national economy expanding. AstraZeneca / Oxford University released data for their COVID-19 vaccine demonstrated to be 90 % effective. Equity markets reversed the Friday decline. Stocks that would benefit from an economic reopening advanced Chevron (CVX) 91.03 +6.11%, Boeing (BA) 211.53 +5.97%, Disney (DIS) 145.98 +3.48%. Energy continued to advance, Occidental (OXY) 15.76 +16.83%, Apache (APA) 12.86 +12.41%, Diamondback (FANG) 44.49 +11.67%, and EOG Resources (EOG) 50.38 +10.99%.  On the downside Gold miner Newmont (NEM) 58.68 -4.82% and SeaGen (SGEN) 168.07 -3.08% continued its correction falling below an uptrend line from the March 2020 bottom.
 
Tuesday, November 24, 2020 – DIA 300.43, QQQ 294.47 +1.41%, SPY 363.22 +1.61%
The Housing Price Index MoM for Sept. came in higher than expected 1.7% vs. 1.1%. The S&P Case-Schiller home price index on YoY basis came in very strong at 6.6% vs. 5.1% expected. Along with positive vaccine news, the General Services Administration was given the go ahead to interface with the Biden transition team by President Trump sparking a rally. Dollar Tree (DLTR) 111.35 +14.08% was the day’s moons shot, the low price value retailer beet revenue and earnings estimates handily. Marriott International (MAR) 130.91 +6.35% advanced above recent highs, the hotel chain’s shares have exhibited strong relative strength since its earnings release.  On the downside, Glucose Monitor manufacturer Dexcom (DXCM) 313.32 -2.42% has shown poor relative strength since the last earnings release. Its chart appears to be showing a bearish descending triangle.
 
Wednesday, November 25, 2020 – DIA 298.74 -.56%, QQQ 296.28 +.61%, SPY 362.66 -.15%
Durable Goods were up 1.3% vs. the .9% expected. Ex –Transportation Up 1.3% vs. .4% expected. GDP came in a little better than expected +33.1% annualized. Continuing jobless claims disappointed 6.071M vs. 6.02M. Initial claims also disappointed with 778K new filers vs. the 730K expected. New home sales came in at .999M vs. the .970M expected.  The markets were strong on the open but faded in a light session, with the DJIA closing down. Salesforce (CRM) 246.82 -5.37% was reported to be in discussions to buy Slack technologies (WORK) 40.70 +11.12%. Retailer Gap Stores (GPS) 21.60 -19.61% disappointed on earnings due to increased operating and marketing costs. Internet craft retailer Etsy (ETSY) 145.09 +5.44% continued its rally from the fall correction.

Thursday, November 26, 2020 – Thanksgiving Day- Markets Closed.

Friday, November 27, 2020 – DIA 299.24 +.17%, QQQ 299.01 +.92%, SPY 363.67 +.28%
No economic or government data was released. Stocks had an early close. Financials (XLF), Utilities (XLU) and Energy (XLE) were hit across the board, while Technology (XLK), Communications (XLC), and Healthcare (XLV) were leaders on the day. Video conference provider Zoom (ZM) 471.61 +6.29% continued its rally from the October decline and has recovered

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