Several items make the rounds this week which will affect the market.
Will Obama's economic team selections cut the mustard. Will Wall Street like these guys. Also will Obama's 2 year economic crisis recovery plan be viewed as viable and capable of creating stability. Stability is one of the new hot terms.
And then there just a few other little items on the plate.
Citigroup is on the ropes, and its only the second largest US banking monster. People are waiting to hear if any type of restructuring or sale of Citigroup will occur today - Sunday. If not the market heads towards the 6,000 point area. We are playing with a completely deflated basketball.
Then there's just a few other little mentions. Friday is Black Friday and you know how important sales are to the US economy. Well its not looking good either.
Finally, there will be news on housing sales for October. I'm going to go out on a limb and say, its bad news.
Personally I am single handed trying to correct the economy as we have just signed a contract to sell our present house and we have signed a contract to buy a new house. So that alone should raise the numbers by a good 50%.
Reuters: Wall St Week Ahead: Stocks eye Citigroup, Geithner's next moves
Key economic indicators on tap for next week include existing-home sales for October, consumer sentiment and confidence, and weekly U.S. jobless claims data.
But market-watchers will hone in on Citigroup over the weekend for any developments as to the future of the bank, the second-largest in the United States by assets.
"...If we get nothing out of Citibank, we have a little bit of a problem on Monday morning."
The dismal week capped off a historic November that is quickly becoming one of the worst months for U.S. stocks since October 1987.
...outlooks from major retailers suggest this could be one of the worst holiday shopping seasons in years.
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