Ahead of the open, (15-11)

If the market is to rally in the last 5-6 weeks from Thanksgiving as it has consistently over decades, the volume and underlying ‘beta’ stocks/ financials better improve. Today’s vol’ was near the bottom levels for 2011, ES drifted from 1270 overnight to ~1240 as European ‘stabilizing’ developments from Thurs./Friday came in as expected. As far as eyes on 10yr yields, today it was Spain, late in the week it was France, tomorrow, who’s it going to be as there is still ‘no net’(ECB/EFSF/IMF). On Tuesday, European GDP comes out and signs of a sharp slowdown will be evident.

In all, with no important eco’ data/earnings or major developments, you can’t make much of today’s broad action as the market remains in the conviction- less range between 1220-1230 to 1275. Bigger earning potential drivers in tech are ahead this week and will give some idea if CSCO is a company specific positive so far for Oct end companies. Also, retailers will be in focus.

Still, getting a lot of attention today was the Financials underperforming the SP decline by another 100bps. This was across the board from banks to brokers to asset managers. BKX now off 4% in November. Also, 'Momo' growth names had a decent start, but many finshed well off their highs printing not so pretty day candles on charts. (ie.AMZN PCLN WYNN). All in, underlying market giving off same signs discussed recently.