Mixed Global Economic Reports This Week!
Thursday, November 22, 9:45 a.m. European markets are rallying some today, reportedly encouraged by better economic reports from China. To do so they are ignoring the dismal reports on their own economies. And interestingly, China’s market closed down again last night, at a new weekly low, not encouraged by the better reports on its economy. [...]

Thursday, November 22, 9:45 a.m.

European markets are rallying some today, reportedly encouraged by better economic reports from China. To do so they are ignoring the dismal reports on their own economies.

And interestingly, China’s market closed down again last night, at a new weekly low, not encouraged by the better reports on its economy.

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Last night it was reported that China’s HSBC PMI Index rose to 50.4 in November from 49.5 in October, above the 50 line that separates negative growth and positive growth for the first time in 13 months.

Meanwhile, the 17 nation euro-zone’s PMI Index continued in recessionary mode, coming in at 45.8 in November, from 45.7 in October, remaining well below the recessionary 50 demarcation.

Insiders Are Buying Again!

As Mark Hulbert reported on Market Watch yesterday, ( insider behavior points ) according to the Vickers Weekly Insider Report, near the market high in September the insider sell-to-buy ratio was 6.86 to 1, just about double the average sell ratio of 3.4 to 1 of the last ten years.

But for the week ended last Friday, insiders had moved sharply to the buy side, with the sell-to-buy ratio dropping to 1.58 to 1, less than half the average of 3.4 to 1.

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(Even when insiders are buying at a faster pace than normal, the ratio always shows more selling than buying for a variety of reasons, including that many insiders receive stock options as part of their compensation and periodically cash them in to make large ticket purchases or to diversify their holdings. The factor that is watched is whether selling has increased or decreased from the norm).

Subscribers to Street Smart Report: There is an in-depth Global Markets up date from yesterday and the new issue of the newsletter from Tuesday afternoon in your secure area of the Street Smart Report website.

To read my newspaper of last weekend click here: Defensive Stocks Are Failing Again As Safe Havens!

Non-Subscribers: We have updated the sample issue of the newsletter to a more recent issue you might find interesting. Click on link to sample newsletter in right-hand column.

Yesterday in the U.S. Market.

A quiet day, with the Dow trading in a narrow range of 59 points between its high and low, on light pre-holiday trading of only 0.5 billion shares traded on the NYSE.

The Dow closed up 48 points, or 0.4%. The S&P 500 closed up 0.2%. The NYSE Composite closed up 0.3%. The Nasdaq closed up 0.3%. The Nasdaq 100 closed up 0.2%. The Russell 2000 closed up 0.6%. The DJ Transportation Avg. closed up 0.3%. The DJ Utilities Avg closed down 0.4%.

Gold closed up $5 an ounce to $1,728.

Oil closed up $.89 a barrel to $87.64 a barrel.

The U.S. dollar etf UUP closed up 0.1%.

The U.S. Treasury bond etf TLT closed down 0.1%.

Yesterday in European Markets.

European markets were fractionally higher yesterday. The Europe Dow closed up 0.2%. Among individual countries, the London FTSE closed up 0.1%. The German DAX closed up 0.2%. France’s CAC closed up 0.4%. Greece closed up 1.1%. Ireland closed up 0.1%. Italy closed up 0.8%. Spain closed up 0.3%. Russia closed up 0.3%.

Asian Markets Mostly Closed Up Last Night .

The Asia Dow closed up 0.7%.

Among individual markets:

Australia closed up 1.0%. China closed down 0.7%. Hong Kong closed up 1.0%. India closed up 0.3%. Indonesia closed up 0.4%. Japan closed up 1.6%. Malaysia closed down 0.2%. New Zealand closed up 0.6%. South Korea closed up 0.8%. Singapore closed up 0.9%. Taiwan closed up 0.2%. Thailand closed up 0.2%.

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Markets This Morning:

European markets are fairly positive this morning. The London FTSE is up 0.6%. The German DAX is up 0.8%. France’s CAC is up 0.4%. Spain is up 1.0%.

Gold is up $3 an ounce at $1,731.

This Morning in the U.S. Market:

The U.S. market is closed today for the Thanksgiving holiday and will be open only half a day tomorrow! Happy Thanksgiving to all our U.S. readers!

This week is a holiday-shortened week for potential market-moving economic reports in the U.S., but they included Existing Home Sales, New Housing Starts, and Consumer Sentiment, etc. To see the full list click here, and look at the left side of the page it takes you to.

Monday’s reports were that Existing Home Sales were up 2.1% in October at 4.79 million, but after a downward revision of the September report to 4.69 million. The 4.79 million was about in line with the consensus forecast for 4.8 million. And the Housing Market Index, which measures the sentiment of home-builders, rose 5 points to 46.

Tuesday’s report was that New Housing Starts were up 3.6% in October at 894,000. That’s considerably better than the consensus forecast of a decline to 825,000. Starts in the Northeast fell 6.5% and in the South fell 2.5%, but were up 8.9% in the Midwest and surged up 17.1% in the West.

Yesterday’s reports were that new weekly unemployment claims fell 41,000 to 410,000 from the previous week, but that was only after the previous week’s were revised up by 90,000. The 4-week moving average rose 9,600 to 396,250. But the numbers are very misleading, significantly distorted by the Sandy hurricane in the Northeast. Consumer Sentiment was up slightly at 82.7 in October from 82.6 in September, not as positive as the consensus estimate of 84.0. And the Conference Board’s Leading Economic Indicators rose 0.2% in October.

There will be no more reports in the U.S. this week.

Our Pre-Open Indicators:

Not applicable today.

To read my weekend newspaper column click here: Defensive Stocks Are Failing Again As Safe Havens!

Non-Subscribers: We have updated the sample issue of the newsletter to a more recent issue you might find interesting. Click on link to sample newsletter in right-hand column.

Subscribers to Street Smart Report: The new issue of the newsletter will be available later today in your secure area of the Street Smart Report website.

I’ll be back with the next regular blog post on Saturday morning, as usual later than the week-day posts, probably around 11:00 a.m.

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