«There is only one side to the market.
Not the bull side or the bear side, but the RIGHT side».
Another record high for the DOW yesterday, and Nasdaq topped 4,000 for the first time in 13 years.
Nasdaq closed at 3,994,573. Earlier it touched an intraday high at 4,007,093. The Dow ended at 16,072,54. S&P 500 dipped 2,28% and closed at 1,802,48.
It was not a good day for social media stocks yesterday. Twitter was down 4,7% and are now trading at $39,06. Facebook is down 3,1% and are breaking down from a technical support at $45,80. Facebook is now trading at $44,82. Yelp slid 6,7% and are now trading at $58,20.
Many investors are scared and expect a pullback, but the stock market can still go higher. The Dow has increased seven weeks in a row now, and S&P 500 is up 26,4% for the year. Investors continue to turn their back on gold and they expect the gold price to decline to $1,180 and that is its three year low.
Investors follow U.S data reports closely to gauge if they will strengthen or weaken the case for the Fed to start tapering in December. Gold prices are sliding down on concerns the Fed would start tapering its 85 billion a month asset-purchase program in December. So do the Silver prices, but Copper is up 1,33% on the week.
The precious metal turned bearish after the Fed`s minutes meeting. Fed said they will start tapering if the economy continues to improve as expected. Consumer confidence will be an important number to follow today. A level below 70 starts to be critical.
It is a shopping week now. Black Friday is the friday following Thanksgiving Day in the United States and this is usually the beginning of the Christmas shopping season. Shops opens earlier than scheduled, and this has been the busiest shopping day of the year since 2005.
Consumer confidence fell to 72,0 in November and that is its lowest since December 2011. The economists expected 74,5 this month so this was a surprise for them all. Forecast for the consumer confidence later today is 72,2 (previous 71,2). I will follow this later today (10.00am EST).
News today: Building permits and housing starts at 8.30am, CB Consumer confidence at 10.00am.
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