Not in many years have bulls been this happy to put a month behind them as the declines of October are relegated to the history books. November is looking to start off on a positive note, but we still have about an hour until the opening bell for the month even rings. On the economic front, its a busy day with Initial Claims, Unit Labor Costs, Non Farm Productivity, ISM Manufacturing, and Car Sales all due to be released throughout the day. Then, after the close Apple (AAPL) will headline the earnings parade. And that’s just today. Don’t forget about tomorrow’s jobs report either!
We’re never ones to turn our noses to a one-day gain of 1% in the S&P 500, but we would be lying if we didn’t say that the way the market finished up in the last hour of yesterday’s session to close out the month wasn’t a bit disheartening. After trading up as much as 2% heading into the final hour of trading yesterday, the S&P 500 moved steadily lower to close out the month and gave up just about half of its intraday gains. Just one of many examples we’ve seen recently of investors selling into the close.
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