The Financials Review
For the week of November 21, 2011
By Frank LaMantia
Last week saw stocks finish flat and looking somewhat bored. Europe continued to lose momentum due to a lack of buying. The S&P was somewhat limited due to its resistance of 1225 and did hit a weekly low around 1210. Those that are watching saw the tech sector fall 4%. Volume below 1 billion, expirations of monthly options, and a lack of economic data and corporate news did not help the market break out of its funk. Today, existing home sales for October will be announced at 10:00 eastern time. This is expected to come in at 4.85 million. Tuesday, the second estimate for GDP is forecasted to come in at 2.5%, which would be no change from the first estimate. On Wednesday there will be initial claims, durable orders, the Michigan sentiment, and crude inventories. Initial claims are expected to drop to grow by 3k to 391k from 388k prior. Durable orders are expected to drop by -1.0% for October from its last announcement which was 0.6%. Michigan sentiment is expected to be 64.2. (1)
Recent data shows that the economy is on the mend, however, Europe
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