HOME ABOUT SERVICES NEWS LOCATIONS JOIN US CONTACT NEW Client Login (Beta) | Client Login | Advisor Login Home Market Research Market Research ARCHIVE Daily Market Notes: 11-24-2021 Daily Market Notes: 11-23-2021 Daily Market Notes: 11-22-2021 Daily Market Notes: 11-19-2021 Daily Market Notes: 11-18-2021 Daily Market Notes: 11-17-2021 Daily Market Notes: 11-16-2021 Daily Market Notes: 11-15-2021 Daily Market Notes: 11-12-2021 Daily Market Notes: 11-11-2021 Daily Market Notes: 11-10-2021 Daily Market Notes: 11-9-2021 Daily Market Notes: 11-8-2021 Daily Market Notes: 11-5-2021 Daily Market Notes: 11-4-2021 Daily Market Notes: 11-3-2021 Daily Market Notes: 11-2-2021 Daily Market Notes: 11-1-2021 Daily Market Notes: 10-29-2021 Daily Market Notes: 10-28-2021 Daily Market Notes: 10-27-2021 Daily Market Notes: 10-26-2021 Daily Market Notes: 10-25-2021 Daily Market Notes: 10-22-2021 Daily Market Notes: 10-21-2021 Daily Market Notes: 10-20-2021 Daily Market Notes: 10-19-2021 Daily Market Notes: 10-18-2021 Daily Market Notes: 10-15-2021 Daily Market Notes: 10-14-2021 Daily Market Notes: 11-24-2021 Special Comment – the next edition of the Daily Market Notes will appear on Monday, November 29th – Happy Thanksgiving to all. In a day somewhat similar to Monday, the major indices continued to reverse the pattern that had existed for the past few weeks, which was namely the Dow lagging and the Nasdaq going bonkers on the upside. But late Monday that all reversed itself when the Dow ended with a small gain and the Nasdaq got walloped to the downside with the large technology former leaders taking the brunt of the selling. And sure enough, yesterday saw a repeat of that pattern as the Dow started out nominally higher, then spent the bulk of the morning lower by as much as 70 before it started a very strong run to the upside around 1pm and kept going into the close to end with a final gain of 194 up to 35,813. It was led by strong gains in the financials such as GS, JPM, TRV in addition to CAT and UNH. And once again the S&P was caught between a strong Dow and a weak Nasdaq as it got to an early gain of 17 before sliding back to a decline of 30 points before ending into the plus column around 3pm and finished with a final close of 7 up to 4690. The Nasdaq was once again the bad boy for the second straight day as it started higher by 41, then collapsed to a mid-day low of down 253 which would have been the second straight day of 1% declines since late March but finally was able to lift itself up from those worst levels to finish down by 79 to 15,775. And once again it was declines by most of the large technology stocks and ZM was the real loser after its report and has now given back 50% of its high from earlier in the year. And naturally the Russell 2000 Index of small stocks had nothing going for it as it ended down once again, this time by 3 to 2327. The VIX at least was able to turn itself back from over 20 to end still a little higher up to 19.38. The price of crude oil rose for the second straight day despite the fact that President Biden ordered 50 million barrels of oil released from the nation’s strategic reserve to help bring down energy costs. The move was made in concert with other big oil-consuming nations. Energy stocks rose as a result. Bond yields rose again which is ostensibly bearish for technology with the yield on the 10-year Note up to 1.68% from 1.63% late Monday. Several travel-related companies gained as people prepare to travel for the Thanksgiving holiday, with hotels and booking websites doing well. Retailers were mixed ahead of the official start of the always important start of the holiday shopping season. Discount retailer DLTR made the largest gain in the S&P but BBY fell by 12% which was the largest drop in the index as concerns about tighter margins outweighed solid earnings. But the booby prize as mentioned went to ZM with a 15% shellacking as its third-quarter revenue growth slowed. The main obsession now is that investors have been watching to see if pressure from rising inflation will force the Fed into accelerating its plans for tapering its bond purchases and raising the federal funds rate and this will now be the latest market-watchers obsession for the next several months going into the middle of next year. Third-quarter earnings results are almost done and the lineup is as follows: yesterday – A, BBY, DKS, MDT and ZM lower while DLTR and SJM were higher; today – JWN, ADSK, GPS lower while HPQ, VMW and DELL are higher. Economic reports will see: yesterday – October existing home sales rose by 0.8% to a nine=month high; today – preliminary October durable goods orders lower by 0.5% but excluding non-defense transportation were up by 0.6%, release of minutes from early November Fed meeting, October new home sales, final U. of Michigan Consumer Sentiment Survey, October personal income and spending, second estimate of 3Q G.D.P. was 2.1%, weekly jobless claims fell to a new post-pandemic low of 199,000. Donald M. Selkin Chief Market Strategist Don Selkin is the Chief Market Strategist at Newbridge Securities Corporation, member FINRA/SIPC and provides the Fair Value analysis for CNBC each morning. The commentary provided in this Market Letter is intended to provide our current or potential customers with timely market analysis and should not be considered a research report. 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