“The Institute for Supply Management’s non-manufacturing index rose to 54.7 from 54.2 in October...Economists projected the index would ease to 53.5, according to the median estimate in a Bloomberg survey. Readings above 50 signal expansion... Increased sales of autos, the start of the holiday shopping season, and a pickup in homebuilding are driving gains at companies that account for almost 90 percent of the economy.” Full story at…
http://www.bloomberg.com/news/2012-12-05/ism-services-gauge-in-u-s-rose-to-54-7-in-november-from-54-2.html
What
Cliff?
...Wylie Coyote coutesy of Warner Brothers Pictures
ADP PRIVATE PAYROLLS BELOW ESTIMATES
(US News)
“The private sector added 118,000 jobs in
November, payroll processing firm ADP reported today. The figure is the firm's
lowest estimate since August and comes in nearly 40,000 below October's
157,000, as well as slightly below consensus estimates of around 125,000. The
low November figure portends that Friday's jobs report from the Labor
Department will come in well below October's 171,000 mark.” Full story at…http://www.usnews.com/news/articles/2012/12/05/adp-private-payrolls-added-118000-jobs-in-november
Oh...THAT
cliff...but really; I think they will do a deal to avoid the fiscal cliff. The question is, “What will the market
reaction be to the deal?” Cuts in spending and higher revenues will not be good
for the market, but maybe it won’t be too bad, either. As always, we’ll have to wait and see.
AAPLE
“Come along Dorothy – you
don’t want any of those apples.” No one
else does either. Apple, the market
leader just a few weeks ago, fell 6.5% today.
It’s down almost 25% in the past 3-months.
MARKET RECAP
Wednesday the S&P 500 was
up about 0.2%, to 1409 (rounded). VIX fell
about 4% to 16.45.
NTSM
The NTSM analysis remained HOLD Wednesday.
MY INVESTED POSITION
Based on the SELL signal, 7 November 2012, I
moved out of the stock market at 1377 on the S&P 500. Because of the extreme negativity I have
noted from Hussman and others, I am currently invested in a range of near 15%
invested in stocks and I am still holding short positions.
