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The good vibes from the GM IPO and the bailout
potential for Ireland took the S&P 500 back above support/resistance at 1,192.
We’ll see how long the good vibes last.
Despite yesterday’s strong move, the stock market
still feels “heavy” to me. That’s not to say I think a big decline is
imminent. But the way higher is going to be a slow grind, unless we get
some data to sway the mood.
We are on the verge of the holiday season. It’s hard
to believe Thanksgiving is next week! People tend to get a bit more
cheerful during the holidays and that can seep into the stock market.
That might sound simplistic, but never forget that while fundamentals may
win out in the end, emotions rule the stock market in the short- and
medium-term.
As an aside, all of the brick and mortar retailers I
recommended on November 8 as holiday shopping trades are higher.
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Fed Chief Ben Bernanke spoke in Frankfurt, Germany this morning. In addition to
blasting China for currency manipulation, Bernanke also dropped these two
nuggets: