Stock market is expected to open low tomorrow. Like I said in yesterday article, this market is not worried about fiscal cliff. Dow jones is up 600 point since November 16th. Today, Draghi downgraded Europe outlook. Challenger job cut showed rise in lay off and jobless claim was high (next week it will be revised higher). The reaction to this news was Dow jones was up 39.55 point. There was some disconnect today between VIX, US dollar Index and Equities. All were green.
For bullish sentiment to continue, Dow jones need to break 13085 and S&P500 need to break 1418, while for bearish sentiment to continue, Dow jones need to break 13039 and S&P500 need to break 1412.
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| Dow jones expected to open lower tomorrow. |
Economic Calendar:
| Date | Time | Currency | Importance | Event | Actual | Forecast | Previous | |||||||
| Dec. 07 | 03:00 | HUF |  | Hungarian GDP (YoY) | -1.5% | | ||||||||
| 05:00 | EUR | | ECB President Draghi Speaks | | ||||||||||
| 06:00 | EUR | | German Industrial Production (MoM) | -0.5% | -1.8% | | ||||||||
| 06:00 | BRL | | Brazilian CPI (YoY) | 5.44% | 5.45% | | ||||||||
| 08:30 | USD | | Average Hourly Earnings (MoM) | 0.2% | 0.0% | | ||||||||
| 08:30 | USD | | Nonfarm Payrolls | 93K | 171K | | ||||||||
| 08:30 | USD | | Unemployment Rate | 7.9% | 7.9% | | ||||||||
| 08:30 | USD | | Average Weekly Hours | 34.4 | 34.4 | | ||||||||
| 08:30 | USD | | Private Nonfarm Payrolls | 95K | 184K | | ||||||||
| 09:00 | MXN | | Mexican CPI (YoY) | 4.34% | 4.60% | | ||||||||
| 09:55 | USD | | Michigan Consumer Sentiment  | 82.4 | 82.7 | |
After Hours Movers
Premarket Earning:
The following companies are expected to report earnings prior to market open
Bank of Nova Scotia ( BNS ) is reporting for the quarter ending October 31, 2012. The bank (foreign) company's consensus earnings per share forecast from the 6 analysts that follow the stock is $1.19. This value represents a 10.19% increase compared to the same quarter last year. The last two quarters BNS had negative earnings surprises; the latest report they missed by -14.07%.
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