All of the selling over the past three to four sessions based on fears that 3rd quarter GDP would come in lower than expected turned out to be dead wrong. even the high-and-mighty analysts at Goldman Sachs, who just yesterday downgraded their estimate to 2.7% growth, were well short of the true number, which came in at 3.5%, topping all but the most-optimistic estimates and sending shorts scrambling to cover and other investors cheering the solid results.
It was the first positive GDP report since in a year and the best quarter since the third quarter of 2007, when the recession actually began (though economists will tell you it was the 4th quarter of 2008, the slowdown was much earlier and was being felt in manufacturing especially. The result was the best one-day gain on the Dow Jones Industrial Average since July 23.
Perhaps more important than the nearly-200-point gain on the Dow were the levels at which the NASDAQ and S&P 500 averages closed, ahead of their 50-day moving averages, which were penetrated to the downside on Wednesday. With a solid base at those levels now intact (conceding that it must hold tomorrow), the major indices are aligned for another assault at the highs of the year, erasing all the bad karma from the meltdown of 2008.
On an even more fascinating historic note, the past two days marked the 80th anniversary of Black Monday and Black Tuesday, two of the worst performing days in the history of the stock market. On Monday, October 28, 1929, stocks fell 38.33 points (-12.82%). The Dow Jones Industrials closed that day at 260.64. The next day, Tuesday, October 29, 1929, the Industrial Average fell an additional 30.57 points (-11.73), closing at 230.07. We have come a long, long way since then, but it's intriguing that none of the financial press seemed willing to even mention the anniversary. To say that stock traders and those who report on such activity are superstitious may be putting it lightly.
Dow 9,962.58, +199.89 (2.05%)
NASDAQ 2,097.55, +37.94 (1.84%)
S&P 500 1,066.11, +23.48 (2.25%)
NYSE Composite 6,955.31, +189.62 (2.80%)
Today, thankfully, was nothing like those days of 80 years past. On this day, advancing issues solidly trounced decliners, 4934-1555. New highs rebounded to retake the upper position, beating new lows narrowly, 74-69, indicating that while we may have made a turn, the jury is still out. Stocks could actually vacillate over the next week or so, though most indications are that the rally is back on, using the solid GDP figure as a backstop.
Volume was not spectacular, but solid, in line with other days of the past two weeks.
NYSE Volume 6,477,558,500
NASDAQ Volume 2,251,900,500
What remains to be seen is where leadership is going to emerge. The 7-month-long rally has been fueled by banking, energy, technology and basic materials, correlating in inverse fashion with the dollar (which has been down precipitously and was priced lower today). At some point, the inverse correlation must come to an end, though the transition is not going to be smooth or particularly painless. Sooner or later, the regimen of easy money policy by the Fed is going to change, though that moment is likely 4-6 months in the future. For the time being, traders will look for new star stocks and other positive notes on the economy. With the holidays quickly approaching, consumer discretionary and retail stocks should receive much of the focus.
It's interesting to note the cross-over play with technology in companies such as Apple (AAPL) and Amazon (AMZN), which will likely benefit from strong sales of their leading products, the iPhone and Kindle, respectively.
Commodities also rallied as the dollar declined, snapping a week of dollar increases. Oil was up sharply, gaining $2.41, to $79.87. Gold was up $16.60, to $1,047.10. Silver gained 42 cents, to $16.66.
With no huge earnings news scheduled for Friday morning, investors will have to contend with readings on personal income and spending at 8:30 am, and a Michigan Sentiment revision at 10:00 am. That will probably be just fine with most. The market has covered a good deal of ground over the past four sessions and traders have to be just a little weary as the week draws to a close.
Thursday, October 29, 2009
Wednesday, October 28, 2009
Fear of the Unknown GDP
There were some good reasons to get out of the market on Wednesday, but one of them was probably not fear of the nation's 3rd quarter GDP coming in at a level lower than expectations.
In the first case, nobody is really sure what the expectations really are, since there are estimates all over the place from a variety of sources, most of them in the 2.5-3.2% range of growth and that's likely where it's going to land. Early in the day, Goldman Sachs lowered their forecast for tomorrow's release, from 3.0% to 2.7%. It will be interesting to see whether Goldman's one-day crystal ball is effective or whether it was some kind of sly ruse to get people to sell on supposed weakness.
In any case, a positive number will no doubt be reported by the government, and that number will be revised twice before being finalized, but it is a very important figure. If the number turns out to be better-than-expected, the market will almost certainly gap up, making everybody who sold in order to get out of the way of the number - released at 8:30 am - look silly. Of course, if it's weak, those same people will appear brilliant.
It's a crap shoot, one way or the other.
In any case, stocks took severe declines into the close on Wednesday, fear of the GDP being the only plausible reason. Earnings for most stocks have been very good this quarter, but the market continues to sell off. A solid GDP reading on Thursday could change all of that. Durable goods orders came in at 1.0%, about what was expected, so that figure was a non-event this morning.
Dow 9,762.69, -119.48 (1.21%)
NASDAQ 2,059.61, -56.48 (2.67%)
S&P 500 1,042.63, -20.78 (1.95%)
NYSE Composite 6,765.69, -166.35 (2.40%)
Some very interesting data came out today from the simplest of simple indicators. Declining issues blasted advancers, 5676-891, a better than 6-1 ratio, and new lows actually outdid new highs, by a score of 94-73. Both of these numbers are more indicative of a market bottom rather than the continuation of a week-long decline, but there are other indicators and the overhang of tomorrow's GDP number with which to deal. Both the S&P and NASDAQ broke through their 50-day moving averages today, key support levels which normally should not be violated.
Volume was elevated today, indicating, again, more of a flushing action than middle-move reactions.
NYSE Volume 7,564,809,500
NASDAQ Volume 2,794,432,000
Of course, much of the selling was the result of a stronger dollar, which is traditionally good for stocks, but, now that so many US corporations do business around the globe, a stronger greenback may not be an advantage in terms of repatriating profits and denominating them in US dollars. Then again, costs will be lowered for labor in foreign countries, so, in a way, it's a wash for many companies.
What it's not a wash for is commodities. With the dollar up nicely again today, oil was lower by $2.09, to $77.46. Gold fell another $4.90, to $1,030.50, and silver dropped 30 cents, to $16.24. If the dollar move continues - and there are plenty of reasons why it should - over the short term (longer term, it's weaker), expect commodities and commodity-related companies and products to price lower. Once again, the ugly head of the severe contraction in credit is inducing a degree of deflation with which nobody wants to deal. However, it's there and it doesn't have to be a game-ender. Lower prices, after all, are good for consumers.
In any case, tomorrow's release of 3rd quarter GDP will be either a boon or a bane for the markets. I'll take a flyer and make a call, especially since Goldman Sachs decided to change their mind so close to the release. At least mine won't move any markets, unless you're foolish enough to trade after hours on my recommendation.
My call is 3rd quarter GDP comes in at +3.2%.
In the first case, nobody is really sure what the expectations really are, since there are estimates all over the place from a variety of sources, most of them in the 2.5-3.2% range of growth and that's likely where it's going to land. Early in the day, Goldman Sachs lowered their forecast for tomorrow's release, from 3.0% to 2.7%. It will be interesting to see whether Goldman's one-day crystal ball is effective or whether it was some kind of sly ruse to get people to sell on supposed weakness.
In any case, a positive number will no doubt be reported by the government, and that number will be revised twice before being finalized, but it is a very important figure. If the number turns out to be better-than-expected, the market will almost certainly gap up, making everybody who sold in order to get out of the way of the number - released at 8:30 am - look silly. Of course, if it's weak, those same people will appear brilliant.
It's a crap shoot, one way or the other.
In any case, stocks took severe declines into the close on Wednesday, fear of the GDP being the only plausible reason. Earnings for most stocks have been very good this quarter, but the market continues to sell off. A solid GDP reading on Thursday could change all of that. Durable goods orders came in at 1.0%, about what was expected, so that figure was a non-event this morning.
Dow 9,762.69, -119.48 (1.21%)
NASDAQ 2,059.61, -56.48 (2.67%)
S&P 500 1,042.63, -20.78 (1.95%)
NYSE Composite 6,765.69, -166.35 (2.40%)
Some very interesting data came out today from the simplest of simple indicators. Declining issues blasted advancers, 5676-891, a better than 6-1 ratio, and new lows actually outdid new highs, by a score of 94-73. Both of these numbers are more indicative of a market bottom rather than the continuation of a week-long decline, but there are other indicators and the overhang of tomorrow's GDP number with which to deal. Both the S&P and NASDAQ broke through their 50-day moving averages today, key support levels which normally should not be violated.
Volume was elevated today, indicating, again, more of a flushing action than middle-move reactions.
NYSE Volume 7,564,809,500
NASDAQ Volume 2,794,432,000
Of course, much of the selling was the result of a stronger dollar, which is traditionally good for stocks, but, now that so many US corporations do business around the globe, a stronger greenback may not be an advantage in terms of repatriating profits and denominating them in US dollars. Then again, costs will be lowered for labor in foreign countries, so, in a way, it's a wash for many companies.
What it's not a wash for is commodities. With the dollar up nicely again today, oil was lower by $2.09, to $77.46. Gold fell another $4.90, to $1,030.50, and silver dropped 30 cents, to $16.24. If the dollar move continues - and there are plenty of reasons why it should - over the short term (longer term, it's weaker), expect commodities and commodity-related companies and products to price lower. Once again, the ugly head of the severe contraction in credit is inducing a degree of deflation with which nobody wants to deal. However, it's there and it doesn't have to be a game-ender. Lower prices, after all, are good for consumers.
In any case, tomorrow's release of 3rd quarter GDP will be either a boon or a bane for the markets. I'll take a flyer and make a call, especially since Goldman Sachs decided to change their mind so close to the release. At least mine won't move any markets, unless you're foolish enough to trade after hours on my recommendation.
My call is 3rd quarter GDP comes in at +3.2%.
Tuesday, October 27, 2009
Mixed Messages
Stocks began the day and finished it in mixed fashion, as the Dow was the only major index to close above the break-even line. Especially hard-hit was the NASDAQ, which suffered from a very downbeat report from Baidu.com (BIDU), China's version of Google, when the company reported third quarter earnings, but guided investors of a revenue shortfall upcoming due to a change in advertising placements. The stock opened down 77 points, but recovered to close only 49 points in the red. Still, the stock took an 11% hit by the end of the trading session.
The Dow was helped along by three components: ExxonMobil (XOM), Chevron (CVX) and IBM (IBM), which accounted for almost all of the smallish upside. The two oil majors were helped by a positive 3rd quarter from British Petroleum (BP), while IBM announced a $5 billion increase to its stock buy-back program.
Dow 9,882.17, +14.21 (0.14%)
NASDAQ 2,116.09, -25.76 (1.20%)
S&P 500 1,063.41, -3.54 (0.33%)
NYSE Composite 6,932.04, -28.05 (0.40%)
The session was overall a weak one, as declining issues beat gainers by a wide margin, 4263-2205. What is of particular interest is the small margin of new highs over new lows (123-71), the worst performance for new highs since that particular metric rolled over back in May. The easy comparisons to last year's stock prices, especially off the monstrous 7-month+ rally, would normally presume a large number of new highs, which was evidenced during the summer and early fall, but the recent pullback has changed the outlook considerably.
Volume on the day was in line with the overall trend of the past two to three weeks.
NYSE Volume 6,203,113,500
NASDAQ Volume 2,405,401,500
Commodities, like stocks, were tied somewhat to the stronger dollar, as gold fell $7.40, to $1,035.40, silver dropped 56 cents, to $16.54, but oil bucked the general trend, gaining 87 cents, to $79.55, though the $80 mark continues to appear to be a led on price. Demand is simply not high enough to support a price over $80, much less in the $70s. Additionally, supply is robust, with nary a shortage anywhere in the world. Price of energy commodities will continue to be pressured by warmer-then-normal weather in the Northern Hemisphere, which is predicted through December.
Investors, through their trading stratagems, are offering a very good insight into how earnings results are being played. With most of the big names already having reported, unless companies are beating both earnings and revenue projections, they are being bid up prior to the release of their reports and quickly sold off. This has all the earmarks that would accompany a market top, and the indices are generally 3% below the heights reached last week.
A 5-8% dip from here would be no surprise, especially with some severe headwinds approaching in terms of 3rd quarter GDP (Thursday), though first September Durable Goods orders before the bell tomorrow, which yesterday I incorrectly said would be reported today (hanks to Yahoo Finance).
The Dow was helped along by three components: ExxonMobil (XOM), Chevron (CVX) and IBM (IBM), which accounted for almost all of the smallish upside. The two oil majors were helped by a positive 3rd quarter from British Petroleum (BP), while IBM announced a $5 billion increase to its stock buy-back program.
Dow 9,882.17, +14.21 (0.14%)
NASDAQ 2,116.09, -25.76 (1.20%)
S&P 500 1,063.41, -3.54 (0.33%)
NYSE Composite 6,932.04, -28.05 (0.40%)
The session was overall a weak one, as declining issues beat gainers by a wide margin, 4263-2205. What is of particular interest is the small margin of new highs over new lows (123-71), the worst performance for new highs since that particular metric rolled over back in May. The easy comparisons to last year's stock prices, especially off the monstrous 7-month+ rally, would normally presume a large number of new highs, which was evidenced during the summer and early fall, but the recent pullback has changed the outlook considerably.
Volume on the day was in line with the overall trend of the past two to three weeks.
NYSE Volume 6,203,113,500
NASDAQ Volume 2,405,401,500
Commodities, like stocks, were tied somewhat to the stronger dollar, as gold fell $7.40, to $1,035.40, silver dropped 56 cents, to $16.54, but oil bucked the general trend, gaining 87 cents, to $79.55, though the $80 mark continues to appear to be a led on price. Demand is simply not high enough to support a price over $80, much less in the $70s. Additionally, supply is robust, with nary a shortage anywhere in the world. Price of energy commodities will continue to be pressured by warmer-then-normal weather in the Northern Hemisphere, which is predicted through December.
Investors, through their trading stratagems, are offering a very good insight into how earnings results are being played. With most of the big names already having reported, unless companies are beating both earnings and revenue projections, they are being bid up prior to the release of their reports and quickly sold off. This has all the earmarks that would accompany a market top, and the indices are generally 3% below the heights reached last week.
A 5-8% dip from here would be no surprise, especially with some severe headwinds approaching in terms of 3rd quarter GDP (Thursday), though first September Durable Goods orders before the bell tomorrow, which yesterday I incorrectly said would be reported today (hanks to Yahoo Finance).
Monday, October 26, 2009
Trend Reversal on Dollar Strength?
As perverse as our economic system and financial trading regimen (the stock market) has become, today's action should have surprised none but the greenest rookie investor. Stocks hit triple tops (at Dow 10,100 and S&P 1100) in the past two weeks, and the reversal has been underway since Friday, when stocks took a nosedive.
Monday's early gains (Dow up nearly 100 points) were erased in one swift movement between 11:15 and 12:10, when stocks went from close to their highs of the day to the lows of the session, conveniently blamed upon strength in the US dollar, which rallied sharply against a basket of currencies. The dollar move was well telegraphed. Being short the dollar was one of the most overcrowded trades seen in the history of the market. Sooner or later, this condition was bound to unwind, and today was probably just the beginning - or, more to the point - just another data point on the way to eventual dollar strength, the demise of gold and the stock market.
Dow 9,867.96, -104.22 (1.05%)
Nasdaq 2,141.85, -12.62 (0.59%)
S&P 500 1,066.95, -12.65 (1.17%)
NYSE Composite 6,960.09, -106.71 (1.51%)
Simple indicators confirmed the oversized downside. Declining issues beat advancers handily, 4796-1687. The bias was evident in the new highs-lows, in which the highs only surpassed the new lows by a score of 262-63, one of the smallest margins in months, especially important against the backdrop of last year's meltdown and easy comparisons to today.
Volume indicated more selling to come, at elevated levels.
NYSE Volume 6,480,251,000
Nasdaq Volume 2,344,048,750
Commodities were a major part of the story, erasing outsize gains from the past few weeks. Oil tumbled $1.82, to $78.68. Gold slid $13.60, to $1,042.80. Silver fell 63 cents, to $17.10. Once again, there is no denying deflationary pressure.
Tomorrow marks a day with more earnings from major companies, though earnings season has quickly become the sideshow as investors await Thursday morning's preliminary release of 3rd quarter GDP from the federal government. Prior to that, though, durable goods orders from September, the Case-Shiller Home Price Index and October consumer confidence numbers will move the markets.
Probably not overtly stated, there is more angst and aggravation with government meddling, especially with Barney Frank and the Fed's attempts to define regulations around "too big to fail" companies, than any financial commentator is willing to admit. The threat of government takeover of individual businesses is a threat the market will not handle kindly.
Monday's early gains (Dow up nearly 100 points) were erased in one swift movement between 11:15 and 12:10, when stocks went from close to their highs of the day to the lows of the session, conveniently blamed upon strength in the US dollar, which rallied sharply against a basket of currencies. The dollar move was well telegraphed. Being short the dollar was one of the most overcrowded trades seen in the history of the market. Sooner or later, this condition was bound to unwind, and today was probably just the beginning - or, more to the point - just another data point on the way to eventual dollar strength, the demise of gold and the stock market.
Dow 9,867.96, -104.22 (1.05%)
Nasdaq 2,141.85, -12.62 (0.59%)
S&P 500 1,066.95, -12.65 (1.17%)
NYSE Composite 6,960.09, -106.71 (1.51%)
Simple indicators confirmed the oversized downside. Declining issues beat advancers handily, 4796-1687. The bias was evident in the new highs-lows, in which the highs only surpassed the new lows by a score of 262-63, one of the smallest margins in months, especially important against the backdrop of last year's meltdown and easy comparisons to today.
Volume indicated more selling to come, at elevated levels.
NYSE Volume 6,480,251,000
Nasdaq Volume 2,344,048,750
Commodities were a major part of the story, erasing outsize gains from the past few weeks. Oil tumbled $1.82, to $78.68. Gold slid $13.60, to $1,042.80. Silver fell 63 cents, to $17.10. Once again, there is no denying deflationary pressure.
Tomorrow marks a day with more earnings from major companies, though earnings season has quickly become the sideshow as investors await Thursday morning's preliminary release of 3rd quarter GDP from the federal government. Prior to that, though, durable goods orders from September, the Case-Shiller Home Price Index and October consumer confidence numbers will move the markets.
Probably not overtly stated, there is more angst and aggravation with government meddling, especially with Barney Frank and the Fed's attempts to define regulations around "too big to fail" companies, than any financial commentator is willing to admit. The threat of government takeover of individual businesses is a threat the market will not handle kindly.
Friday, October 23, 2009
Economy Worries Overshadow Tech Titans
Stocks slid badly on Friday, marring an otherwise upbeat earnings week by ending marginally lower. The Dow Jones Industrial Average, which crashed through the 10,000 mark on Monday, and closed at the high point for 2008, wavered back and forth all week, finally capitulating on Friday, finishing 24 points in the red for the week. Other averages reacted in similar manner, with the NASDAQ losing just more than two points and the S&P 500 dropping 8 points. The NYSE Composite, the broadest measure, was down by 68 points for the 5 days.
Investor skepticism over the health of the economy dimmed the outstanding results from Amazon (AMZN) and Microsoft (MSFT), both of which blew away analyst estimates when reporting 3rd quarter results. Amazon was by far the biggest winner, gaining 25 points, to 118.49, an historic high for the stock, and a one-day gain of nearly 27% for the world's largest internet retailer. Volume on the stock was 9 times the average daily.
Unfortunately, market participants were taking hard-fought gains in other companies amid speculation that the recovery may not be as robust as previously assumed. Underscoring the market sentiment was the massive downside slide on the Dow Jones Transportation Index (^DJT), which slid 137.73 points, a decline of 3.5%.
The major issue upon which many are dwelling is still unemployment, or the lack of new job creation, and the government's abject refusal to offer programs which would stimulate job creation. The halls of congress and the White House have been focused on a partisan health care debate, no doubt a matter of great importance, but paling by comparison to the general welfare of the American people and their need for steady, solid employment.
Talk of a "jobless recovery" has begun to circulate, though even the most ardent proponents of fiscal stimulus have to admit that a recovery without new jobs is really not a recovery at all. There is also growing impatience with the federal government on their handling of the financial crisis and various "socialist" policies, not the least of which is capping executive pay via proclamation from their "pay czar" Kenneth R. Feinberg, who this week proposed 50-90% pay cuts for executives whose companies received TARP funds and have yet to repay.
If there has been one culprit responsible for any slowness in the nascent recovery, the finger can be pointed directly at he White House and congress, whose plodding pace and partisan bickering have been a detriment, rather than a benefit, to the public welfare. With the huge federal government out of the way, the American people and American businesspeople could surely forge a new way forward, but threats of pay cuts and excessive taxation are killing the attitude of everyone from Main Street to Wall Street and from Skid Row to Beverly Hills.
Then again, stocks have been rocketing skyward for some time now, and the market seems to have run considerably out of steam. even though roughly half the companies in the S&P 500 have already reported, the indices haven't budged out of a range from 9950 to 10,100 for more than a week.
Dow 9,972.18, -109.13 (1.08%)
NASDAQ 2,154.47, -10.82 (0.50%)
S&P 500 1,079.60, -13.31 (1.22%)
NYSE Composite 7,066.80, -116.11 (1.62%)
Simple indicators offer a snapshot of the depth and breadth of Friday's decline. Losers hammered winners, 4881-1566, a better than 3-1 ratio, the worst in some time. New highs were 356, to just 54 new lows. Volume was roughly in line with the pace set Tuesday through Thursday.
NYSE Volume 5,506,861,000
NASDAQ Volume 2,476,571,750
Commodity prices continued to retreat from mid-week highs. Oil slipped 69 cents, to $80.50. Gold was off $2.20, to $1,056.40, but silver bucked the trend, gaining 18 cents, to $17.72.
More companies report next week in what will be the busiest week for earnings reports. It's also a busy week for economic reports, highlighted by Thursday's preliminary release of 3rd quarter GDP, which will be a market mover.
Investor skepticism over the health of the economy dimmed the outstanding results from Amazon (AMZN) and Microsoft (MSFT), both of which blew away analyst estimates when reporting 3rd quarter results. Amazon was by far the biggest winner, gaining 25 points, to 118.49, an historic high for the stock, and a one-day gain of nearly 27% for the world's largest internet retailer. Volume on the stock was 9 times the average daily.
Unfortunately, market participants were taking hard-fought gains in other companies amid speculation that the recovery may not be as robust as previously assumed. Underscoring the market sentiment was the massive downside slide on the Dow Jones Transportation Index (^DJT), which slid 137.73 points, a decline of 3.5%.
The major issue upon which many are dwelling is still unemployment, or the lack of new job creation, and the government's abject refusal to offer programs which would stimulate job creation. The halls of congress and the White House have been focused on a partisan health care debate, no doubt a matter of great importance, but paling by comparison to the general welfare of the American people and their need for steady, solid employment.
Talk of a "jobless recovery" has begun to circulate, though even the most ardent proponents of fiscal stimulus have to admit that a recovery without new jobs is really not a recovery at all. There is also growing impatience with the federal government on their handling of the financial crisis and various "socialist" policies, not the least of which is capping executive pay via proclamation from their "pay czar" Kenneth R. Feinberg, who this week proposed 50-90% pay cuts for executives whose companies received TARP funds and have yet to repay.
If there has been one culprit responsible for any slowness in the nascent recovery, the finger can be pointed directly at he White House and congress, whose plodding pace and partisan bickering have been a detriment, rather than a benefit, to the public welfare. With the huge federal government out of the way, the American people and American businesspeople could surely forge a new way forward, but threats of pay cuts and excessive taxation are killing the attitude of everyone from Main Street to Wall Street and from Skid Row to Beverly Hills.
Then again, stocks have been rocketing skyward for some time now, and the market seems to have run considerably out of steam. even though roughly half the companies in the S&P 500 have already reported, the indices haven't budged out of a range from 9950 to 10,100 for more than a week.
Dow 9,972.18, -109.13 (1.08%)
NASDAQ 2,154.47, -10.82 (0.50%)
S&P 500 1,079.60, -13.31 (1.22%)
NYSE Composite 7,066.80, -116.11 (1.62%)
Simple indicators offer a snapshot of the depth and breadth of Friday's decline. Losers hammered winners, 4881-1566, a better than 3-1 ratio, the worst in some time. New highs were 356, to just 54 new lows. Volume was roughly in line with the pace set Tuesday through Thursday.
NYSE Volume 5,506,861,000
NASDAQ Volume 2,476,571,750
Commodity prices continued to retreat from mid-week highs. Oil slipped 69 cents, to $80.50. Gold was off $2.20, to $1,056.40, but silver bucked the trend, gaining 18 cents, to $17.72.
More companies report next week in what will be the busiest week for earnings reports. It's also a busy week for economic reports, highlighted by Thursday's preliminary release of 3rd quarter GDP, which will be a market mover.
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