The SPY is trying to push back over the key moving averages today after a rejection and close below the 50 day yesterday. We just had a terrible housing number with pending home sales down 7% from August and 11% year over year. These high rates are starting to cause havoc and oil keeps pressing higher today with November crude hitting $110 before cooling off a tad. As long as oil is going to sustain high prices, these high rates are here to stay and if today’s housing number was a sign of what is to come, we have big problems coming if we can’t get some peace deals. The good news for stock longs is bad news economically means we can start discussing rate cuts eventually. We also get our first big tech reports today with SpaceX and Netflix. The SpaceX report in particular can really lift the market if they give some strong guidance on their chip spend for next year. Overall, we’re in the same range we’ve been in since June 1, we’re 1% higher today than we were then.
Scanner
Here are today’s large cap momentum scans, the rest of the scans can be found in the database link below.
My Open Book
Trades I Added Today
