Week of November 26th Stock Market Watch

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All three major stock indices post losses this week, led by the Nasdaq which declined by more than 4%. That said, the Nasdaq has now dipped below its October lows. The S&P 500, and Dow Jones Industrials are closely approaching their October lows as well. Traders will be watching to see if the market bounces or takes another leg higher.

That said, market sentiment is favoring the bears. Fears of an economic slowdown have helped push oil prices to its lowest levels in over a year. All eyes turn to the G20 meeting set for Friday. The world will be watching to see if anything comes out of the meeting and if President Trump can come to terms with the Chinese on trade.

Retailers like many stocks in the stock market got walloped last week. However, traders will be paying attention to sales numbers that come out of Black Friday and Cyber Monday.

Federal Reserve Chairman Jerome Powell speaks this week. Fears of rising rates have helped keep the bears in charge. However, if Powell decides to tone down his rhetoric, it could slow down the selling pressure we’ve seen since October.

The VIX is back above 20 now, closing at 21.52 on Friday. An elevated VIX means that traders are willing to pay up for portfolio protection, a sign that fears of a further sell-off are rising.

Here are how some of the most actively traded commodity and interest rate ETFs performed: United States Oil Fund (USO) -9.6%, iShares 20+ Year Treasury Bond (TLT) +0.96%, SPDR Gold Shares (GLD) +0.87%

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Economic Releases:
28 Nov 2018- GDP 8:30 AM ET; International Trade 8:30 AM ET; New Home Sales 10:00 AM ET; EIA Petroleum Status Report 10:30 AM ET

29 Nov 2018- Jobless Claims 8:30 AM ET; Personal Income and Outlays 8:30 AM ET; FOMC Minutes 2:00 PM ET

Key Earnings:
26 Nov 2018- JKS, BKE

27 Nov 2018- CBRL, HIBB, CRM, SMRT,

28 Nov 2018- BURL, DKS, SJM, TIF, WB, LZB, VEEV

29 Nov 2018- ANF, DLTR, EXPR, PDCO, TD, TTN, AMBA, HPQ, PAGS, PANW, SPLK, VMW, WDAY, YEXT

30 Nov 2018- CTRN

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