Winding Down Into Thanksgiving

Friends

Stocks are drifting higher this week, but without much conviction as traders seem to have already headed out for the Thanksgiving holiday. We have seen a pattern where we post a modest gain at the opening and basically drift aimlessly for the next six hours.

As for today, by the close the Dow Jones Industrial Average was up 55 points to finish the day at 28,121. The S&P 500 was up 6 points to close at 3,140. Gold was up $5 to trade at $1,462 per ounce, while oil was up $.33 to trade at $58.34 per barrel WTI.

On the economic front, home prices as measured by the Case-Shiller index ticked up just a bit, and tomorrow we’ll get that revised 3rd quarter GDP number along with a look at durable goods. But, let’s face it, most market participants are in Thanksgiving preparation mode and the markets are left to drift. Fortunately, for the bulls, the indices are drifting higher.

Have a nice evening everyone.

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