Equities were quiet Friday.  There was little market response to a potential conflict between the Treasury Department and the FOMC regarding emergency lending programs that are set to cease.  Perhaps this is the result that such facilities were only minimally utilized.  There was also little reaction to the headlines a COVID vaccine may be available by mid to late December.

What will be the next catalyst?  Perhaps more importantly in what direction and what sectors will the next catalyst impact.  In the immediacy, the three trading days before Thanksgiving have a positive bias.

Always expect the unexpected for such has become the norm.

The economic calendar is comprised of manufacturing data, home price statistics, sentiment indicators, revised third quarter GDP and Minutes from the recent FOMC meeting.

Last night the foreign markets were mixed.  London was down 0.02%, Paris up 0.40% and Frankfurt up 0.49%.  China was up 1.09%, Japan down 0.42%  and Hang Sang up 0.13%.

The Dow should open nominally higher on optimism over a COVID vaccination with yet another company is suggesting positive test results.  Thee is a possibility that vaccinations can commence as early as the second week in December.  The 10-year is off 10/32 to yield 0.86%.


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