November Markets

November begins with plenty of data including Friday's jobs number. Some of the volatility is leaking out of the market but everyone will be ill at ease for some period of time. Bears will be looking to take out the October 02 lows of 7197 in the DJIA and 767 in the SP500 this month, while the bulls will claim the bear is dead and build on the almost 50% retracement of the 1982 to 2007 bull run. Whichever camp one adheres to, all would agree severe damage had been done to the general investment environment. Runs to the upside will appear but the participants will increasingly be professional without a great deal of help from traditional buyside public enthusiasts. Markets often turn on the greatest marginal advantage and a cautious market will be a thinner market.