If you followed our blog on the TV interview 2 weeks ago, we mentioned that DOW should be able to continue its upward momentum.
This bullish bandwagon just doesn't seem to end, does it?
In recent years, Black Friday has been quite good. Black Friday is the day where US goes on a shopping spree. Wallstreet will take this Black Friday sales figure as a gauge on the consumer confidence and spending power of Americans. Next week, America will be looking at sales of these few days.
I still remembered last year that the Black Friday sales figure hit all time high and brought the index higher. I would be surprised if this year is not a record breaking figure. With the unemployment rate gradually declining and more jobs being created, I would expect this year to be better than last!
Already on Thursday on Thanksgiving night, there has been reports that the sales figure is better than last year.
Perhaps in the next couple of weeks, this confidence will again push the DOW into uncharted territories.
"Don't short the market just yet" is my advice! Black Friday is the start of the Christmas Rally. There may be a carry through all the way to Christmas time!
There will be a good time to short the market. But now is not! If you want to enter new bullish positions, I suggest caution too.
Of course there are 3 factors I will be looking at to know when the confidence of the market is waning. Look forward to our next article to know more.