By Markus Heitkoetter
Holiday trading weeks are usually light volume, low volatility affairs. And last week was no exception. With Thanksgiving on Thursday followed by a short session on Friday, there wasn’t a lot to move the markets. But by week’s end stocks were slightly higher.
The S&P closed Wednesday at new all-time highs but dropped 5 points on Friday to end week just 4 points higher. The DOW ended Friday flat and closed the week 18 points higher.
This upcoming week kicks off trading for the last month of the year. We have a decent economic calendar this week starting Monday with ISM Manufacturing PMI at 10am ET, and ending Friday with the Jobs Report at 8:30am ET.
On Tuesday we asked if Crude Oil (CL) was getting ready to make another move lower? And the answer was YES!
The only real excitement on Friday came in Crude Oil after the commodity dropped 10.45%! The move lower was linked to OPEC’s failure to cut oil production. With the significant move lower gas is expected to drop to $2 a gallon at the cheapest stations in the Southeastern U.S. This would be the lowest drop in gas prices in the last 5 years.
A Power Crossover Method Sell Signal was identified on 2nd Oct 2014.