Market comments for Nov. 30th

Well QE2 saved the market from much heavier losses yesterday, I'm quite confident. The market turned around about an hour before the close from the Dow being down about 160 points to closing down less than 40 points. You can see the chart for the moment it started but it did. After all, we don't want those shoppers to be depressed as the Shopping season is upon us. However, over in the Euro zone things are much different. Their markets are correcting without the kind of intervention we are having here. Expect the same to happen today.

The pre market indicators show the Dow down about 85 points in pre-market and the S&P 500 down about 10 points. That keeps putting pressure on the Dow to stay below 11,000 and below the 50 day Moving average. Nasdaq Futures are down about 20 points. German markets and France's CAC index are down about 0.5% while the English FTSE is down about 1.25% at this hour.

Housing prices were down about 2% in Q3 according to the Case Shiller report. I must be away at work today so look for the Consumer Confidence number to come out at 7:00am PST. The expectations are for an increase to 52.0% from the prior reading of 50.2%. Oh, and the Chicago PMI is expected to come in at 58.0, down from the 60.6 reading last month.