Is the Rally Over Already?
Saturday, November 19. 11:30 a.m. Global stock markets have been totally, and I mean totally, at the mercy of the situation in Europe for several weeks now, surging up on each indication that Europe has managed to kick its debt crisis further down the road, and plunging each time disappointing news or remarks from officials [...]

Saturday, November 19. 11:30 a.m.

Global stock markets have been totally, and I mean totally, at the mercy of the situation in Europe for several weeks now, surging up on each indication that Europe has managed to kick its debt crisis further down the road, and plunging each time disappointing news or remarks from officials come in on the morning tide.

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Those quick reversals from pessimism to optimism and back again on the eurozone outlook have had analysts also jumping back and forth with each one, between believing the market is in a strong sustainable rally based on the recovering U.S. economy and earnings, and that the eurozone crisis has been successfully kicked down the road, and believing the crisis in Europe will halt not only the economic recovery in the U.S., but globally, and bring global markets plunge back down to new lows.

And it’s also been affecting the intermediate-term charts.

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To read my weekend newspaper column ‘Why We Should Help Europe!’ click here!

Subscribers to Street Smart Report: In addition to the charts and updates in the ‘premium content’ area of this blog this morning, there is an in-depth ‘Gold, Bonds, Dollar’ update, an in-depth ‘U.S. Markets’ update, and an in-depth ‘Global markets’ update in the subscribers’ area of the Street Smart Report website from Monday, Wednesday, and Thursday respectively.

Yesterday in the U.S. Market.

A flat day to end a negative week as the week-to-week volatility continues. Volume was again light with only 0.9 billion shares traded on the NYSE.

The Dow closed up 25 points, 0.2%. The S&P 500 closed down 0.1%. The NYSE Composite closed up 0.1%. The Nasdaq closed down 0.6%. The Nasdaq 100 closed down 0.8%. The Russell 2000 closed up 0.1%. The DJ Transportation Avg. closed up 0.6%. The DJ Utilities Avg closed up 0.5%.

Gold closed up $6 an ounce at $1,725 an ounce.

Oil closed down $1.14 a barrel at $97.79.

The U.S. dollar etf UUP closed down 0.3%.

The U.S. Treasury bond etf TLT closed down 0.1%.

Yesterday in European Markets.

European markets closed down yesterday. The London FTSE closed down 1.1%. The German DAX closed down 0.9%. And France’s CAC closed down 0.4%.

Global markets for the week.

An ugly week, all about Europe fears globally.


THIS WEEK (November 18)
DJIA11796- 2.9%
S&P 5001215- 3.8%
NYSE7282- 3.9%
NASDAQ2572- 4.0%
NASD 1002253- 4.3%
Russ 2000719- 3.4%
DJTransprts4841- 2.7%
DJ Utilities442- 2.4%
XOI Oils1,188- 5.0%
Gold bull.1,723- 3.7%
GoldStcks196- 7.7%
Canada11892- 3.1%
London5362- 3.3%
Germany5800- 4.2%
France2997- 4.8%
Hong Kong18491- 3.4%
Japan8374- 1.6%
Australia4246- 2.6%
S. Korea1839- 1.3%
India16371- 4.8%
Indonesia3754- 0.6%
Brazil55731- 3.1%
Mexico36284- 3.4%
China2531- 2.6%
LAST WEEK (November 11)
DJIA12153+ 1.4%
S&P 5001263+ 0.8%
NYSE7576+ 0.3%
NASDAQ2678- 0.3%
NASD 1002355- 0.1%
Russ 2000744- 0.2%
DJTransprts4977+ 1.3%
DJ Utilities453+ 0.4%
XOI Oils1,251+ 0.7%
Gold bull.1,789+ 1.9%
GoldStcks212+ 1.7%
Canada12276- 1.1%
London5545+ 0.3%
Germany6057+ 1.5%
France3149+ 0.8%
Hong Kong19137- 3.6%
Japan8514- 3.3%
Australia4358+ 0.4%
S. Korea1863- 3.3%
India17192- 2.1%
Indonesia3778- 0.1%
Brazil58546- 0.2%
Mexico37555+ 2.4%
China2598- 1.9%
PREVIOUS WEEK (November 4)
DJIA11983- 2.0%
S&P 5001253- 2.5%
NYSE7552- 3.2%
NASDAQ2686- 1.9%
NASD 1002356- 1.9%
Russ 2000746- 1.9%
DJTransprts4912- 2.0%
DJ Utilities451- 0.6%
XOI Oils1,242- 2.7%
Gold bull.1,755+ 0.7%
GoldStcks209+ 0.5%
Canada12408- 0.9%
London5527- 3.1%
Germany5966- 6.0%
France3123- 6.7%
Hong Kong19842- 0.9%
Japan8801- 2.8%
Australia4342- 1.6%
S. Korea1928unchgd
India17562- 1.4%
Indonesia3783- 1.2%
Brazil58679- 1.4%
Mexico36690unchged
China2648+ 2.2%

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Next week’s Economic Reports:

Next week will be a holiday shortened week but still a fairly heavy week for potential market-moving economic reports, including Existing Home Sales, a revision to 3rd quarter GDP, and Durable Goods Orders. To see the schedule of the week’s reports click here, and look at the left side of the page it takes you to.

NOTE: U.S. markets will be closed all day Thursday for the Thanksgiving holiday, and will close early on Friday.

Our offices will be closed Thursday until Monday morning. If you’re looking to subscribe please do so by Wednesday to have access over the long weekend. But the Thursday and Saturday blog posts will be on as usual.

To read my weekend newspaper column ‘Why We Should Help Europe!’ click here!

Subscribers to Street Smart Report: In addition to the charts and updates in the ‘premium content’ area of this blog this morning, there is an in-depth ‘Gold, Bonds, Dollar’ update, an in-depth ‘U.S. Markets’ update, and an in-depth ‘Global markets’ update in the subscribers’ area of the Street Smart Report website from Monday, Wednesday, and Thursday respectively.

I’ll be back with the next regular blog post on Tuesday morning at 9:25 a.m. Have a great weekend!

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