NobleTrading Stock Market Newsletter, November 23

The Week Ahead: A good report that half the states added jobs in October was diminished by the fact that most were temp jobs. A shortened Thanksgiving week starts with existing home sales on Monday. The S&P/ Case Shiller Home Price Index is released Tuesday along with the consumer confidence numbers. New home sales, durable goods, and personal income data arrive on Wednesday. Markets are closed on Thursday, and a shortened trading day on Friday closes the week out.

Stocks to Watch: D.R. Horton (DHI) showed a much larger loss than expected in there Q4 report as the stock continued to roll over in a continued weak housing sector. Noble Corp. (NE) broke through recent support near $40 as analysts see Pemex of Mexico cutting back on oil jack-up contracts. Griffon Corp. (GFF) surprised investors with a turnaround in earnings with .21 vs. .20 (loss) in there Q4 report. Netlist Inc. (NLST), a computer storage products company, has experienced quite a run up in price as its Hypercloud product gets noticed according to a Barron's blog.

Special Note: Most of the market divergences from last week are still in place with the exception of the Dow Transports. This behavior can coincide with a short term peak but more importantly a longer term cresting process. As long as the the main indexes hold positive ground for the year as a whole, chances of a continuation to higher highs heading into the first quarter of 2010 are still probable before the next important peak. Investors may want to use stop-loss orders to protect against sharp downside moves.

Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.

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