Key learning points
- Dick’s and Best Buy Beat
- FOMC Minutes
- Happy Thanksgiving!
As expected, it has been a relatively quiet week for the market so far. Equities are little changed through Tuesday, although there is potential for some action today with the release of key economic data. Still, I expect the volume to dry up over the course of the day.
Yesterday, both Dick’s Sporting Goods and Best Buy
Heading into this week, I said we would see a lot of economic data compressed into just a few days. Much of that data comes today with durable goods, new home sales and FOMC minutes all coming out. This can create an interesting situation for markets. When the volume becomes lighter, the chance of volatile fluctuations may increase. Add to the mix a market that is highly sensitive to economic data right now and you could have some turbulent trading.
The FOMC minutes are out this afternoon at 1:00 pm CST. I expect by then most traders will be gone for the weekend and volume will be very light. However, markets are looking for hints of what’s to come when the Fed meets in December, which is why this release could cause markets to jump up overnight. Therefore, if you plan on trading intraday today, I would keep positions small and manageable.
Finally, I want to take a moment and wish everyone a happy Thanksgiving. I have always loved this holiday. As well as featuring copious amounts of food and football, it’s a holiday with no pretensions to gift-giving. It’s just a time to spend with friends and family. I hope you will take a moment this year to look around the table at the people you are with and think about the people you wish were there. While this column is about markets, I think it’s important to keep priorities aligned and remember what matters most.
commentary from Tastytrade, Inc. for educational purposes only.