Recap 11-19-12

Commentary:

The bounce started on queue, and looks pretty strong so far. The 200 day moving average is a key pivot for gauging how far this can go.

Separately, some interesting charts from Citi:

Quote of the Day: “Back then, technical charts were like Playboy magazine in the monastery,” DeMark says. “You had to hide them in your desk.” – BBG

Notable:

  • NAHB Index improved to 46 in Nov vs 41 exp and prev
  • Existing Hoe sales improved to 4.79mm rate vs 4.74 exp and 4.75 prev
  • Abe: “We would carry out necessary public investment and have the BoJ purchase construction bonds so as to put money forcibly in the market” – FT

Upcoming Data:

  • Mon: NAHB Survey, US Existing Home Sales, BoJ
  • Tues: US Housing Starts, Bernanke Speech
  • Wed: BoE Minutes, US Jobless Claims, Markit Preliminary PMI
  • Thu: US Holiday, EU PMI , Canada Retail Sales
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