From Briefing.com: 8:41AM S&P futures vs fair value: +2.5. Nasdaq futures vs fair value: +7.5. Modest pickup in buying interest in the futures market, which is setting the stage for a modestly higher open for the stock market... Carryover interest from Wednesday's rally and an encouraging October sales report from the Semiconductor Industry Association are lending support
8:18AM SIA report: global semi sales rose 1.8% in Oct : Bloomberg reports that semi shares rose in Europe following the Semi Industry Assoc's report that showed worldwide chip sales rose 1.8% sequentially in Oct, indicating demand is recovering.
8:45AM Page One - Ahead of the Open: No earnings. No guidance announcements. No ratings changes. Any market movement today will be on sentiment.
The lack of "external" factors sometimes allows for a more accurate read of underlying sentiment. Page One is not going to make such an assessment today, however. The Friday after Thanksgiving is often subject to violent swings simply because trading volume is light. In recent years, daytraders have run up retail, Internet, and other sectors, just to get a play going. Given Wednesday's big move, the market could also sell off today in light trading. Neither a big up or down move would necessarily provide any insight as to underlying sentiment.
That said, Page One leans towards expecting any surprise move to be on the up side. It's just that we've seen enough such action on past Fridays-after-Thanksgiving to think it could happen again.
OK, for general news we have to mention that the terrorism attacks in Kenya have the bond market up on a flight to quality. The 10-year note is +11/31 to yield 4.21%. Also, United looks like it will file for bankruptcy.
Looking ahead to next week, the big news will be the employment report on Friday. The November data is expected to show a modest increase in non-farm payrolls. Economic news has been stronger of late, and the market may be geared towards interpreting the data favorably. There are very few earnings releases next week. -- Dick Green, Briefing.com
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